E3 Lithium Completes $1.8 Million Alberta Innovates Grant with Final Payment
E3 Lithium, a leading lithium development company in Canada, has announced the receipt of the final installment of $375,000 from a $1.8 million CAD grant awarded by Alberta Innovates in 2021. This grant was pivotal in scaling up E3 Lithium's Direct Lithium Extraction (DLE) technology from a laboratory prototype to a field pilot plant, marking a significant step towards the commercial viability of lithium extraction from the Leduc brines in Alberta.
The final payment was awarded following the successful operation of E3 Lithium's Field Pilot Plant in 2023, which exceeded all Key Performance Indicators. The pilot plant's success has enabled the company to select the optimal DLE and flowsheet for its inaugural commercial facility, outlining a viable path to commercial operations.
Chris Doornbos, President and CEO of E3 Lithium, expressed gratitude towards Alberta Innovates for their support, highlighting the grant's role in advancing the company's lithium asset towards commercialization. The completion of the pilot scale demonstration and selection of technology has set the stage for the next steps in E3 Lithium's development.
With 16.0 million tonnes of lithium carbonate equivalent (LCE) in Measured and Indicated resources and an additional 0.9 million tonnes LCE in Inferred resources, E3 Lithium's Clearwater Lithium Project boasts significant potential. The project's Preliminary Economic Assessment reveals an NPV8% of USD 1.1 Billion pre-tax and USD 820 Million after-tax, with promising internal rates of return.
Laura Kilcrease, CEO of Alberta Innovates, commended E3 Lithium's achievement as a milestone not only for the company but also for demonstrating the value of Alberta's innovation ecosystem. E3 Lithium's advancements in clean resource technologies align with Alberta Innovates' mission to grow and diversify the province's industries while protecting the environment.
