KAUST startup Lihytech raises US$6 million

Summary

KAUST startup Lihytech has raised US$6 million in funding from Ma'aden and the KAUST Innovation Ventures Fund. Lihytech's patented membrane technology, developed by Professor Zhiping Lai at KAUST, extracts battery-grade lithium from sources like seawater. The funding will be used to build a pilot facility at KAUST to extract lithium from the Red Sea and other in-Kingdom resources. Why it matters: This investment supports Saudi Arabia's goal of developing a complete electric vehicle value chain and becoming a key player in meeting global lithium demand.