Lithium's prize draws big energy eyes
Add Axios as your preferred source to
see more of our stories on Google.
Illustration: Aïda Amer/Axios
The push to electrify autos has fueled a rush for consistent supplies of minerals, including lithium, to make batteries.
Driving the news: In addition to ExxonMobil's May investment of $100 million in Arkansas land leases, General Motors recently invested $50 million in EnergyX, a startup working on a direct lithium extraction process similar to SLI's.
Meanwhile, Koch Industries, one of the largest private companies in the U.S. and a major refiner of fossil fuels, has invested at least $352 million in two lithium companies.
- Koch put $100 million in with SLI in 2021 and $252 million with Compass Minerals of Overland Park, Kansas, in 2022.
- The investment with Compass Minerals will further development of a lithium project near Ogden, Utah, which uses evaporative ponds to separate lithium from brine.
The latest: In a recent joint development deal, SLI announced it will "integrate" Koch's lithium extraction technology into its Arkansas operations.
The intrigue: "But isn't that what you've been working on the past six years?" Axios asked Robert Mintak, CEO of Standard Lithium.
What he's saying: "We have two processes" we tested, Mintak replied.
- "One of them we have [developed] ourselves; one of them developed by Koch, which would be exclusively available to Standard Lithium."
- The Koch process, dubbed Li-Pro, comes with "performance guarantees," Mintak said, meaning it'll provide some level of consistent lithium recovery from the brine.
A spokesperson for Koch said the company has invested $2 billion in energy technologies, including lithium development, and is looking for partnerships with growth-oriented companies in the industry.
Editor's note: This story has been updated with a statement from Koch Industries.