Startup Junkie, the Fayetteville nonprofit supporting entrepreneurship, will lead a new project, the Lithium Regional Innovation Cluster, in south Arkansas, north Louisiana, northeast Texas and southwest Mississippi.
The federal Small Business Administration selected Startup Junkie to direct the public-private initiative. The mission is to prompt energy innovation by bolstering the value chain of lithium. The metal, a key ingredient in battery production, flows in rich concentrations in the underground brine of the Smackover Formation.
At least a half-dozen companies are working to realize commercial lithium extraction from brine in the formation. Business titans like Albemarle, Exxon Mobil, Koch Inc. and others are backing the work.
The SBA established the LRIC to enhance national security by building a strong lithium supply chain. Harnessing domestic lithium is key to powering an energy future that won’t rely on foreign products and processing.
China is the world’s leader, by far, in lithium processing. Leading sources of the element at present are Australia, Chile, China and Argentina.
Fostering Collaboration
The new alliance will promote regional lithium efforts through “strategic partnerships, commercialization training, access to capital, and world-class expertise,” Startup Junkie said in a news release.
“By fostering collaboration among small businesses, scalable ventures, academia, scientists, engineers, and innovators, the LRIC aims to spearhead technological advancements in the energy sector,” the release said.
Founded in 2008, Startup Junkie supports small businesses and startups in several ways. It provides innovation and entrepreneurship programs and fosters stakeholder collaboration. It will offer no-cost consulting and “innovative programming” to lithium entrepreneurs. And it will support rural communities and sustainable economic growth.
“The firm has consistently promoted sustainable economic growth and supported underserved communities,” the release said.
“Our selection to lead the LRIC is a testament to our commitment to fostering innovation,” Jeff Amerine, Startup Junkie’s managing director, said in a statement. “We are dedicated to leveraging this award to cultivate an ecosystem that not only enhances energy innovation but also drives economic development and resilience across the region.”
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