Mining moves from earth to water with Simbol investment
Simbol Mining, a company that says it has a better way to collect the lithium used in today’s most advanced batteries, has taken a first round of funding.
The idea of mining usually conjures up images of sweating, grime-encrusted men and earth-moving machines. What Simbol is aiming for more closely resembles running a water through a Brita filter. The startup hopes to separate out valuable elements from water stored in mineral-rich deposits deep underground.
That would be an expensive task, if undertaken alone. Luckily, geothermal plants also have an interest in tapping into deep water supplies, which are often hot enough to use for electricity. By using the same water streams that geothermal plants do, Simbol can use its high-tech filters to separate out lithium and, eventually, other elements.
Lithium is a good target because demand for it in lithium-ion batteries, used by laptops, phones and hybrid and electric vehicles is on the rise. The market is about $500 million yearly right now, but could triple in size in less than a decade (or much more, if the electric vehicle market really takes off).
A somewhat comparable investment is Greatpoint Energy, which scooped up $100 million last year to convert and clean coal. In general, though, venture investments in mining-related technology are pretty rare.
The $6.7 million funding was led by Mohr Davidow Ventures and Firelake Capital.
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About the Author, Chris Morrison
Chris Morrison writes about cleantech and environmental issues for VentureBeat, with occasional forays into gaming and semantic technology. He got his start writing about tech for Business 2.0 magazine, but quickly realized new media was the ticket when that institution closed its doors in 2007. Chris has also covered public equities and regulatory issues. He originally hails from southern Virginia, graduated from Evergreen State College in Washington, and now lives in San Francisco.