Livent Corp. is collaborating with E3 Metals Corp. to advance the development of the latter's proprietary direct lithium extraction process focused on its petro-lithium brines in Alberta's Leduc Formation.
Livent said Sept. 18 that it pledged to contribute up to US$5.5 million and its technical expertise in the tie-up. Livent will have the option to convert the investment into a 19.9% stake in E3 Metals when the project is complete.
Additionally, the company will be able to appoint one member E3 Metals' board of directors, provided it maintains over a 5% stake.
In March, Livent CEO Paul Graves said the company is targeting low-cost, high-quality lithium assets in Argentina and Australia to meet increasing demand from electric cars.
