FORT WORTH, Texas, Dec. 27, 2023 (GLOBE NEWSWIRE) -- Element3®, the critical material extraction company specializing in oil and gas wastewater, announced the successful closure of its seed investment round. Major investors include EIC Rose Rock, leading oil and gas family offices, and other strategic partners. The round will accelerate the development and testing of Element3's patent-pending Direct Lithium Extraction (“DLE”) technology. The company plans to deploy this groundbreaking technology in field operations by early 2024.
One of the United States’ largest, untapped lithium resources lies in oil and gas wastewater. The one trillion gallons of wastewater generated annually from oil and gas operations is estimated to contain 350,000 tons of lithium. Element3's technology transforms this industrial byproduct into a valuable domestic commodity.
“Element3 is poised to reshape the lithium industry, marking a significant step toward a more sustainable and environmentally responsible future,” commented Hood Whitson, Founder and Chief Executive Officer of Element3. “This strategic funding underscores a collective recognition of the ever-evolving energy landscape and the commitment of forward-thinking investors to embrace a sustainable future. We are excited and grateful for this transformative partnership with our investors.”
“Extracting lithium from oil and gas wastewater could supply nearly half of the approximately 725,000 tons of lithium U.S. EV battery gigafactories will need annually by 2030,” said Andrew Lackner, Managing Director of Energy Innovation Capital. “EIC Rose Rock and our corporate partners are excited to invest in, and partner with, Element3 to support the demonstration of the economic viability of Element3’s pioneering DLE technology in 2024.”
About Element3
Element3 focuses on the extraction of lithium and other critical materials from oil and gas wastewater. We harness this underutilized resource to create a secure, environmentally stable, domestic supply of materials required for the energy transition and advanced manufacturing.
About EIC Rose Rock
EIC Rose Rock is a unique long-term partnership between George Kaiser Family Foundation’s tech-focused development arm, multiple Fortune 500 energy leaders, and the premier venture capital fund, Energy Innovation Capital (EIC). EIC Rose Rock provides early-stage funding for visionary entrepreneurs developing energy technologies that advance energy diversification, improve sustainability and enhance the operational efficiency of existing oil and gas assets. To learn more, visit www.eicroserock.com.
