Clontarf Energy Plc (AIM:CLON)’s shares surged 70% to 0.13p as the AIM-quoted company announced a heads of agreement around the potential formation of a 50:50 joint venture with US-based NEXT-ChemX.
According to a statement from the lithium exploration company, part of the JV will cover the testing, marketing and deployment of NCX’s propriety direct lithium-ion extraction technology in Bolivia.
NCX's ion extraction technology uses the surface area of hollow fibre membranes to extract lithium ions from brines, it said.
The technology is a continuous process and does not require high pressure, temperature or electrolysis.
The technology has been proven to be effective and efficient during laboratory testing, and in Clontarf’s view, NCX's technology is an innovative approach to direct lithium extraction.