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Lithium products manufacturer Livent Corp (NYSE:LTHM) has signed an agreement with ILiAD Technologies, LLC, to acquire a minority stake in the parent company of ILiAD. Financial details of the transaction were not disclosed.
ILiAD Technologies' parent company is a subsidiary of EnergySource Minerals (ESM), a developer of lithium projects in the Salton Sea Known Geothermal Resource Area in California.
ILiAD uses direct lithium extraction (DLE) technology to recover high-purity lithium chloride from lithium-laden brine resources worldwide.
Under the investment agreement, Livent will have the right to license ILiAD technology for anticipated deployment at its lithium brine resource in Argentina.
The ILiAD solution will be complementary to Livent's proprietary process technologies and fit into the company's existing plant designs and flowsheet. Commercial utilization of ILiAD at Livent is expected to begin as early as 2025.
"We are excited to partner with ILiAD Technologies as we continue to invest in processes and technologies which advance our strategy of producing high-quality lithium chemicals efficiently and sustainably," said Livent's President and CEO Paul Graves.
Price Action: LTHM shares are trading higher by 1.74% at $17.55 in premarket on the last check Friday.
Posted In: LTHM
