Element3 Closes Series A Funding for Lithium Extraction
Element3, a company innovating in the extraction of lithium from oil and gas wastewater, recently announced the closure of its Series A funding round. This was led by TO VC, joined by EIC Rose Rock and Cubit Capital. The funding is vital for the company to deploy its first extraction plants by leveraging existing water infrastructure.
Transforming Waste into Resource
The initiative places Element3 at the forefront of a burgeoning lithium extraction market in the United States. By transforming wastewater into battery-grade lithium, the company addresses a major gap in the national supply chain, contributing to energy independence.
Positioning for Commercial Success
With a plant already operational within the Permian Basin, Element3 is set to provide lithium carbonate. This is a critical step for both national energy security and the ongoing global energy transition.
Mission for American Lithium Independence
“This funding accelerates our mission to bolster American lithium independence from the ground up,” shared Hood Whitson, the company’s Founder and CEO. The urgency behind securing U.S. supply chains cannot be overstated, especially as Element3 prepares to ship commercial products within the current year.
Unique Approach to Resource Extraction
Element3’s approach taps into the U.S. oil and gas industry, which produces over a trillion gallons of wastewater annually, containing a significant amount of lithium carbonate. Unlike traditional projects that require extensive time and funding, Element3’s method utilizes existing operational resources allowing for a more efficient time-to-market.
Scaling Up Domestic Lithium Production
The current landscape of lithium procurement reflects a pressing need for innovative domestic solutions. Traditional lithium projects face multi-billion dollar expenses and prolonged development phases. In contrast, Element3 is uniquely positioned with technology capable of turning produced water into much-needed lithium resources.
Vision for the Future
With this funding, Element3 aspires to be a leader in domestic lithium production. The firm’s environmentally conscious strategy allows it to convert oil and gas byproducts into resources that will support the growing demand for regionally sourced lithium.
About Element3
Founded in 2021 and based in Fort Worth, Texas, Element3 is committed to revitalizing the American supply chain by supplying lithium extracted from wastewater. The company aims to ship its first commercial tons of lithium by the end of this year.
Contact Element3
For more information, reach out to Ben Patterson, Director of Business Operations at 817-221-8711 or via email at bpatterson@element3.io.
Frequently Asked Questions
What is Element3’s core business?
Element3 specializes in extracting lithium from oil and gas wastewater, focusing on developing domestic supply chains.
How will the funding benefit Element3?
The funding will enable Element3 to launch its first commercial extraction plants, advancing its lithium recovery capabilities.
Who led Element3's recent funding round?
The Series A funding round was led by TO VC, alongside EIC Rose Rock and Cubit Capital.
When does Element3 plan to begin shipping lithium?
The company plans to start shipping its first commercial tons of lithium by the year-end.
What is the significance of Element3's technology?
The technology allows for transforming waste into a valuable resource, addressing the U.S. supply chain needs for critical materials.
