As the global clean energy transition kicks into gear, demand for lithium has skyrocketed – with demand for lithium jumping 30 per cent from 2023 to 2024 to 220,000 metric tons.
But current methods of refining lithium are chemically intensive, expensive and environmentally damaging. As countries around the world search for ways to reach net zero emissions, it’s crucial to find way to access cleaner and cheaper lithium.
That’s the mission of New South Wales-based CleanTech firm Novalith Technologies, which is pioneering a new way to produce lithium chemicals from hard-rock resources with far lower environmental impact than existing methods.
“If the world is to reach net zero, we will need far more lithium than current methods can sustainably provide,” Novalith Technologies chief executive officer and founder Steven Vassiloudis said.
“Our team has developed a low-cost, low-impact process that eliminates harmful chemicals, slashes emissions and water use, and produces no bulk hazardous wastes in comparison to traditional extraction methods.”
The company’s method of extracting lithium can reduce greenhouse gas emissions by up to 75 per cent and water usage by up to 70 per cent, and produces no hazardous bulk waste.
Novalith Technologies is a finalist in the InnovationAus 2025 Awards for Excellence in the Energy and Renewables category. The InnovationAus 2025 Awards for Excellence winners and finalists will be celebrated at a black-tie gala dinner at Sydney Town Hall on Thursday, November 27. You can book your tickets here.
The Energy and Renewables category at the awards is sponsored by the University of New South Wales.
The award aims to highlight Australia’s ambition and innovation in renewable energy, recycling and the circular economy, including everything from advancements in hydrogen extraction technologies, solar cell improvements, grid management software and innovations in re-manufacturing.
Novalith Technologies grew out of research at the University of Sydney, with the company later founded to commercialise this technology.
“What began as a research project in Sydney has now become a company at the forefront of clean-tech innovation, backed by global investors and strategic partners,” Mr Vassiloudis said.
For the company, being nominated for the award is a recognition of its efforts to drive cleaner and cheaper lithium.
“Being shortlisted alongside such a diverse and talented group of innovators is a real honour,” Mr Vassiloudis said.
“These Awards celebrate the best of Australian ingenuity and entrepreneurship, and we’re proud that Novalith’s mission is being recognised in that context. For our team, it’s also a reminder that the work we’re doing here in Australia has significance well beyond our borders.
“This recognition strengthens our resolve to continue pushing forward with solutions that can have global impact.”
The 2025 InnovationAus Awards for Excellence will be held on November 27 at the magnificent Sydney Town Hall. You can secure individual seats or book a table here. Purchase a table of 10 and have your logo displayed on screens across the venue and in the event programme as a ‘Table Sponsor’.
The InnovationAus 2025 Awards for Excellence are proudly supported by ACS, PEXA Group, the CSIRO ON Program, Griffith Hack, TechnologyOne, Q-CTRL, National AI Centre, University of New South Wales, Investment NSW and IP Australia.
Protecting your great ideas with intellectual property (IP) rights can lead to lasting benefits for your growing business. IP refers to creations of the mind, such as a brand, logo, invention, design or artistic work. Head to the IP Australia website to find out more about IP, and how it might help your business.
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