Monday, August 11, 2008

Simbol Mining Gets $6.7M

Simbol Mining, a company which is looking to produce lithium metals for the battery industry, said today that it has raised $6.7M in a funding round led by MDV Mohr Davidow Venturew and Firelake Capital. The firm said it is focused on the production of lithium and other commodity metals using what it calls a clean, zero-waste production processes. The firm said the funding round will go to complete development of its process for lithium extraction. Simbol Mining is specifically targeting the productino of lithium for the electric vehicle market, where the element is used as a key ingredient in batteries. Josh Green of MDV will join the firm's board as part of the funding. More information »