E3 Lithium Secures $5 Million from Alberta Government for Clearwater Project
Calgary-based E3 Lithium has received $5 million in new funding from the Alberta government, a boost that the company says will help advance its multibillion-dollar lithium extraction project. The funding, drawn from Alberta’s Technology Innovation and Emissions Reduction (TIER) fund, supports E3’s ongoing efforts to extract lithium from old oilfields, a process that could be crucial for the growing electric vehicle industry.
E3 Lithium, which aims to begin construction on its Clearwater project by 2026, has already made significant strides in its development. The company’s president and CEO, Chris Doornbos, announced that E3 is moving forward with the construction of a demonstration facility that will replicate the planned commercial-scale operations on a smaller scale. The Clearwater project is projected to have an initial capacity of over 32,000 tonnes of lithium hydroxide per year, with an estimated capital cost of $2.47 billion.
E3 Lithium’s technology involves extracting lithium from brine found in the Leduc Reservoir, using an ionization process that separates lithium while returning the remaining water to the aquifer. This method is expected to produce a higher-grade lithium product with a significantly reduced carbon footprint compared to traditional extraction processes.
The company is currently seeking strategic partners to finance the Clearwater project, with additional support anticipated from the federal government's proposed manufacturing investment tax credit, which could be legislated later this year.
E3 Lithium has previously received substantial backing, including $27 million from the federal government in 2022 and $6.3 million from Imperial Oil, which also expanded E3's access to lands in the Clearwater area. With this new funding and ongoing support, E3 Lithium is positioning itself to play a key role in meeting the increasing demand for lithium, particularly in North America.
