KMX Technologies stated that it has secured funding from PureTerra Ventures and Tetra Technologies, which will enable the lithium technology developer to commercially launch products to process the EV battery metal, Reuters noted.
This transaction is the latest in the burgeoning direct lithium extraction space that has generated investment worth billions of dollars from investors that are aiming to transform the way battery metal is produced, Reuters reported.
Financial contours of the deal were not given, the newswire noted.
Reuters further noted that Tetra will enable KMX to construct and design a mobile water treatment system that it will utilise at its own operations, the publication further noted.
Tetra’s finance head Elijio Serrano and PureTerra partner Alexander Crowell will join the KMX board, as part of this investment transaction, Reuters noted.