On Wednesday, BMW announced that the company would invest in Lilac Solutions Inc. The company is a lithium technology startup. BMW wants to support more efficient ways to produce battery power for electric vehicles.
Lilac is part of growing technology developers trying to extract lithium from salts cheaper, faster, and less water than evaporation ponds, which have long been the industry standard.
BMW is already buying lithium from Chinese Ganfeng Lithium Co and other traditional manufacturers. Hence, according to the company, it views lilac technology to increase global production of white metal as demand from the electronic electricity market grows day by day.
Moreover, from BMW’s venture capital fund, Kasper Sage says it will become a new mining technology that will make green lithium more accessible. The German automaker is co-sponsoring Lilac’s Series B with SK Materials Co. and others.
However, BMW refused to disclose the volume of investment. However, the total number of investors announced on Wednesday was less than $20 million.
Lilac plans to use the funds to build a U.S. manufacturing facility for ion exchange beads, a key component of its extraction process. Hence, in September, the company signed to use its technology to evolve a lithium project in Argentina with Lake Resources NL. According to Lilac CEO Dave Snydacker, Lilac is focusing on proving the reliability and scale of the technology.
BMW, a German engine manufacturer, was founded in 1916. It has headquarters in Munich, Germany. BMW is world-famous for producing quality and expensive cars.
BMW was created after the restructuring of the aircraft manufacturing firm. After the end of World War I, in 1918, BMW had to suspend production of its aircraft engine under the terms of the Treaty of Versailles. The company moved to motorcycle production in 1923. After the truce fell apart, car production began in 1928-29.
BMW’s first successful car launch was the Dixi. It took inspiration from Austin 7 and was licensed by the Austin Motor Company in Birmingham, England.
In the 1930s, the company resumed the production of aircraft engines. The automotive division of BMW had financial difficulties by 1959. Hence, BMW had to have a shareholders’ meeting to decide whether to go into liquidation or resume operations. Finally, they came to an agreement that they should continue the activity.
Moreover, the company acquired the production rights of the Italian Iso Isetta. Small cars had a modified version of the BMW motorcycle engine. Therefore, these actions helped the company to continue developing.
Today the company is one of the best in the world. In 2020, the BMW Group’s global revenue was €99 billion.