On Friday, XtraLit, an Israeli firm, promised to take a position $104 million in Argentina for lithium extraction.

This plan was shared throughout Argentinian President Javier Milei’s journey to Israel. It adopted a chat with Diana Mondino, Argentina’s International Minister.

XtraLit began in 2021. It focuses on greener methods to get lithium, higher than outdated strategies. This step marks the primary Israeli agency to enter Argentina’s lithium market.

This market, typically known as the hunt for “white gold,” was primarily stuffed by corporations from Australia, Canada, China, and the USA.

The agency arrange a particular fund of $104 million for this. This cash goals to help lithium initiatives in Argentina, Bloomberg Línea reported.

XtraLit plans to seek for lithium, enhance extraction expertise, begin a analysis lab, and make a spot to supply lithium ferrophosphate (LFP).

LFP is important for batteries and is in excessive demand.

XtraLit will search for lithium in Argentina’s north – Catamarca, Salta, and Jujuy. It’ll additionally test areas with much less lithium, the place its new expertise may assist.

The intention is to make use of locations not worthwhile earlier than, increasing Argentina’s lithium manufacturing.

The corporate would possibly get lithium from salt water at oil and gasoline websites.

Simon Litsyn, XtraLit‘s founder, mentioned they selected Argentina for its potential and their expertise’s success in low-lithium areas in Salta and Catamarca.

Gerardo Tyszberowicz, the Latin America Director at XtraLit, talked about this $104 million is simply the beginning.

They plan to search out extra possibilities to make Argentina a prime lithium producer. XtraLit has backing from Geolit, Halliburton Labs, and Arkin.

In 2023, SQM, a number one lithium firm in South America, picked XtraLit for its expertise program.

This exhibits XtraLit’s modern strategy and dedication to sustainable lithium era.