Simbol Mining raises funds for 'zero-waste' lithium extraction

Simbol Mining, which plans to plans to extract lithium for making batteries for electric cars and consumer electronics, has secured $6.7 million in series A funding.

MDV-Mohr Davidow Ventures and Firelake Capital led the funding round.

The start-up has set the bold goal of meeting within 10 years one-fourth of global demand for the lithium carbonate, which could become a $1.5 billion market by 2015.

Simbol describes its process as "zero waste" because it will piggyback on geothermal power plants. Simbol will mine commodity metals from the salty water that gushes up from 10,000 feet below ground as part of geothermal power production.

"With the closure of this new financing, we can complete development of the processes needed to produce lithium from brines and effluent streams, in an environmentally conscious manner," Simbol CEO Luka Erceg said in a statement.

Erceg co-founded the company with engineering director John Conley as both pursued MBAs at Rice University in 2006. They have recruited former geochemists from Lawrence Livermore National Laboratory.

Earlier this year, the Cleantech Forum named the Houston-based start-up the most promising technology of the year.

[benjaminstraight]

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[truera]

The argument that Simbol Mining has some kind of an advantage is "zero waste" because it will piggyback on geothermal power plants is quite unclear. Nearly all lithium is produced simply by extracting the lithium from lake brine and returning the water to the environment either through evaporation or directly to the water source. Also there is many decades of history of research in extracting lithium even from Sea Water with similar results. Symbol Mining will need a lot more than a lithium source to be successful. Lithium is a hot subject right now and many companies have come up with conceptual ideas with ambitious plans. However, the existing brine-based producers will be difficult to challenge.<br /><br /> For more information please see the TRU Group Inc website. We are world leaders in resource evaluation, salar exploitation, brine &#38; mineral lithium extraction and processing technologies - those in use, prospective, and leading edge. TRU Lithium Team is expert in the production and refining of lithium intermediates such as brines, lithium carbonate, lithium hydroxide, lithium chloride, butyl-lithium, lithium metal, lithium alloys and compounds. <br /><br /><a class="jive-link-external" href="http://trugroup.com/Lithium-Battery.html" target="_newWindow">http://trugroup.com/Lithium-Battery.html</a><br /><br />TRU Group Inc