On Friday, XtraLit, an Israeli company, promised to invest $104 million in Argentina for lithium extraction.
This plan was shared during Argentinian President Javier Milei’s trip to Israel. It followed a talk with Diana Mondino, Argentina’s Foreign Minister.
XtraLit started in 2021. It focuses on greener ways to get lithium, better than old methods. This step marks the first Israeli firm to enter Argentina’s lithium market.
This market, often called the hunt for “white gold,” was mainly filled by firms from Australia, Canada, China, and the USA.
The firm set up a special fund of $104 million for this. This money aims to support lithium projects in Argentina, Bloomberg Línea reported.
XtraLit plans to search for lithium, improve extraction technology, start a research lab, and make a place to produce lithium ferrophosphate (LFP).
LFP is vital for batteries and is in high demand.
XtraLit will look for lithium in Argentina’s north – Catamarca, Salta, and Jujuy. It will also check areas with less lithium, where its new technology could help.
The aim is to use places not profitable before, expanding Argentina’s lithium production.
The company might get lithium from salt water at oil and gas sites.
Simon Litsyn, XtraLit‘s founder, said they chose Argentina for its potential and their technology’s success in low-lithium areas in Salta and Catamarca.
Gerardo Tyszberowicz, the Latin America Director at XtraLit, mentioned this $104 million is just the start.
They plan to find more chances to make Argentina a top lithium producer. XtraLit has backing from Geolit, Halliburton Labs, and Arkin.
In 2023, SQM, a leading lithium company in South America, picked XtraLit for its technology program.
This shows XtraLit’s innovative approach and commitment to sustainable lithium generation.