Renaissance Capital logo

Early-stage lithium company Lithium Harvest files for a $20 million NYSE uplisting

June 10, 2024

Lithium Harvest, an early-stage lithium supplier focused on the EV and broader battery markets, filed on Monday with the SEC to raise up to $20 million in an initial public offering. The company currently operates under the name Sustainable Projects Group, though it plans to change its name prior to listing. It is currently listed on the OTC under the symbol "SPGX."

Lithium Harvest states that it is a pure-play lithium company focused on supplying high performance lithium compounds to the electric vehicle (EV) and broader battery markets. The company has developed a proprietary technology to extract lithium from oilfield wastewater, and it plans to start construction of its first two lithium carbonate manufacturing facilities in North Dakota in the 2H24. It anticipates that it will be capable of manufacturing up to a total of 2,800 metric tons of lithium carbonate and plans to begin manufacturing battery-grade lithium compounds at its facilities in the 2H25. The company did not generate any revenues in 2022, 2023, or the 1Q24.

The Aalborg, Denmark-based company was founded in 2009 and plans to list on the NYSE under the symbol LIHV. The company has not selected an underwriter yet. No pricing terms were disclosed.