Qnetic Secures $5M Funding for Flywheel Energy Storage Development and Century Lithium Advances Angel Island Project
Qnetic, based in Newark, NY, raised $5 million in funding for its flywheel energy storage systems, totaling $7.1 million in the last year. Funds will enhance manufacturing in California, support pilot projects, and expand testing with partners like EPRI. Century Lithium is advancing its Angel Island lithium project, with a feasibility study showing a $4.01 billion NPV and 27.4% IRR based on lithium carbonate prices. The project aims for high production rates and low operating costs through innovative processing techniques.
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Qnetic has closed a $5 million funding round, raising a total of $7.1 million over the past year. The funds will be used to outfit its California manufacturing center for the Q500, support utility pilot projects, and expand testing with partners, including EPRI.
Century Lithium is advancing its Angel Island lithium project, incorporating a patent-pending process for producing battery-grade lithium carbonate. The feasibility study indicates a $4.01 billion NPV and a 27.4% IRR based on $24,000/tonne lithium carbonate. The project anticipates a 40-year production schedule with significant annual output and low operating costs.
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