New initiative focused on strengthening lithium value chain
The Lithium Regional Innovation Cluster is funded in part by the Small Business Administration's Regional Innovation Clusters.
An effort funded by the federal government is underway in a neighboring state to increase the availability of lithium, a material used in rechargeable batteries for mobile phones, laptops, digital cameras, and electric vehicles.
It’s known as the Lithium Regional Innovation Cluster (LRIC), a dynamic public-private initiative across parts of four states and focused on accelerating energy innovation and the electric vehicle (EV) transition by strengthening the lithium value chain.
The LRIC is one of the U.S. Small Business Administration’s official Regional Innovation Clusters. According to its website, the LRIC is committed to enhancing national security by building a more resilient and sustainable lithium supply chain, crucial to powering the future of energy. Rooted in the rich lithium resources of the Smackover Formation, one of the largest lithium deposits globally, LRIC is positioned as a leader in the energy revolution.
The initiative supports and fosters innovation within the lithium value chain through partnerships, commercialization training and support, access to capital, and world-class expertise. Its efforts are centered on driving technological advancements and facilitating collaboration among key stakeholders, including small businesses, scalable ventures, enterprises, academia, scientists, engineers, and innovators.
It is led by globally recognized entrepreneurial support organization, Startup Junkie, the Fayetteville, AR-based organization
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