Saudi Arabian Mining Company (Ma’aden) and King Abdullah University of Science and Technology (KAUST) have reached an agreement to jointly invest in the startup known as Lithium Infinity (Lihytech).
The innovative technology has the capability to extract lithium from unconventional sources, including seawater. It possesses the potential to translate KAUST’s research into commercial viability, thus delivering strategic significance and value to the country.
Back in January, both Ma’aden and KAUST Innovation Ventures Fund had disclosed their intention to make respective investments of $4 million and $2 million into Lihytech.
Lihytech holds patents for a membrane-based lithium extraction technology, which was originally developed by Professor Zhiping Lai at KAUST.
Lithium has often been referred to as the “new white gold” owing to its critical role in powering electric vehicles, smartphones, personal electronic devices, and various other applications. However, the demand for lithium is consistently surpassing the available supply: the world may encounter a shortage in lithium supply as early as 2025, primarily due to the growing electrification of the transportation sector.
