The growing demand for sustainable solutions in the tech industry has seen Future Tech Ventures, a Groningen-based company, invest €350K in IonIQs, a startup specializing in eco-friendly lithium extraction. IonIQs has developed a method to efficiently filter lithium from wastewater, addressing the dual challenges of resource scarcity and environmental sustainability. The investment aligns with Future Tech Ventures’ mission to support innovative technologies, particularly those arising from the Northern Netherlands. This move also reflects the fund’s broader strategy to back startups that contribute to environmental improvement while ensuring economic viability for industries dependent on lithium.
In recent developments, Future Tech Ventures launched a €20M proof-of-concept fund to support 50 startups in Northern Netherlands. This initiative has set a precedent for targeted investments in emerging technologies. Compared to past investments, this focus on lithium extraction addresses a crucial need in the green energy sector, responding to environmental concerns more directly. Previous fund allocations have supported diverse areas, but this investment uniquely targets the pressing issue of sustainable resource management, reflecting a strategic shift towards eco-centric solutions.
IonIQs: How Does It Work?
IonIQs’ innovative approach reduces water usage in lithium extraction, making it both an environmentally and economically beneficial process. The company’s technology filters wastewater to recover pure lithium, a critical component for batteries, while simultaneously providing reusable water. With a current purity level of 99%, IonIQs aims to reach the 99.5% purity required for high-quality battery production. This advancement holds potential for substantial economic benefits to mining and refining companies, as it minimizes environmental impact.
“With our technology, we reduce the amount of water used, but also the amount of lithium that has to be extracted from the ground. We want to contribute to environmental challenges,” said Jasper Zuidervaart, co-founder of IonIQs.
What is Future Tech Ventures?
Future Tech Ventures operates as a proof-of-concept fund, created through a collaboration of Triade, RUG Ventures, NV NOM, and Investeringsfonds Groningen. This fund, comprising approximately €20M, is designed to support startups in the Northern Netherlands. FTV recently secured a €10M subsidy from the Just Transition Fund to further this mission. The partnership with IonIQs exemplifies FTV’s commitment to fostering technologies that address environmental challenges while enhancing industrial efficiency.
“IonIQs has found a niche in the lithium industry, where their technology can be used to limit pressure on the environment and increase yields,” said Kyra Weaver, investment manager at Future Tech Ventures.
IonIQs collaborates with several institutions, including Wetsus, the University of Groningen’s Faculty of Science and Engineering, and the Zernike Advanced Processing facility. These partnerships aim to refine their technology, allowing for scaling up operations to filter 10-40 cubic meters of water per hour. Long-term plans involve integrating this system into modular containers for adaptable, plug-and-play use, tailored to each client’s needs.
While IonIQs is on the brink of reaching its purity goal, the investment from Future Tech Ventures is expected to accelerate this achievement. The potential for this technology to transform lithium extraction represents a significant step in sustainable resource management. By aligning technological innovation with ecological responsibility, IonIQs is well-positioned to make a meaningful impact in the industry. Future Tech Ventures’ support underscores the importance of investing in solutions that balance environmental concerns with industrial growth.
