Clontarf Energy plans to form a joint venture to use new lithium extraction technology with Next-ChemX (NCX). The company now announces that all conditions precedent have now been satisfied with respect to the JV with NEXT-ChemX coming into force.
The purpose of this 50:50 joint venture is to demonstrate the technical, commercial and environmental feasibility of NEXT-ChemX's ion-Targeting Direct lithium Extraction technology in Bolivia. The JV will hold exclusive rights to deploy and commercialise NEXT-ChemX's iTDE technology in Bolivia, and is governed by the laws of the State of Texas.
Under applicable laws, the JV will, in coordination with the Bolivian authorities, sample, test, and potentially produce lithium salts.
The initial priority of the JV is to confirm the technical, commercial and environmental feasibility of the technology in a pilot plant to be constructed in Austin, Texas.
Clontarf Energy’s Chairman, David Horgan, commented:
"Completion of Clontarf's joint venture with our preferred Direct Lithium Extraction partner is another important milestone. Part of the transaction is the current and future swapping of shares between Clontarf Energy plc and NEXT-ChemX companies.
"We are also considering ways to extend Clontarf's upside potential beyond our promising Bolivian joint venture.
"Lithium demand continues to grow, as are purity requirements in the Lithium-ion battery industry. Recent discussions in Asia reinforced our belief in market demand, particularly for environmentally-friendly and cost-efficient Lithium from brines.
"Our team has been working with various licence-holders and regulatory bodies to provide sufficient volumes of priority brines for laboratory test-work. Once these tests have yielded adequate results, we expect to move to pilot plant volumes. This work should enable confirmation of the commerciality of the NEXT-ChemX DLE process and move to the application of the technology across a number of lithium brine projects."