June 13,2023
One of the main objectives of SQM Lithium Ventures ' first Corporate Acceleration Program is to identify and develop new technologies and innovations related to lithium. In collaboration with Endeavor Atacama , the program attracted more than 150 startups from Chile and around the world, from which 12 companies were selected to begin their acceleration process.
“We are committed to the development of a sustainable industry. That is why, through this initiative, we seek to accelerate the ideas of these winning entrepreneurs, who are committed to innovation, the environment, and the use of lithium ,” commented Carlos Díaz , Executive Vice President of Lithium Business at SQM.
For her part, María de los Ángeles Romo , director of SQM Lithium Ventures, noted that this call for proposals generated great excitement worldwide. “We received a significant number of initiatives, with a relevant technological component for solving global problems. The decision was not easy, and I want to highlight the complementary perspectives of SQM and Endeavor in selecting a very select group of entrepreneurs with disruptive technologies and growth potential.”
The executive added, “We are very proud of the results, as 17% of the first cohort are entrepreneurs from the city of Antofagasta. Furthermore, we will encourage more entrepreneurs from Chile and around the world to establish their operations in the city, not only to attract this innovative talent but also to retain it.”
The selected entrepreneurs received a $25,000 grant from SQM, strategic support, business scaling assistance, and the opportunity to access future financing through the SQM Lithium Ventures fund . This year's program focused on finding projects that address challenges in the lithium business in the areas of lithium, water, and electromobility.
The winners
Among the 12 selected ideas is Coddi, an Antofagasta-based company that provides predictive maintenance solutions for industrial equipment, through unique perspectives to address complex problems and provide innovative solutions, optimizing performance and productivity, reducing downtime and minimizing maintenance costs.
The following companies are also beginning their process: O2 (Chile), XtraLit (Israel), Ualabee (Argentina), RTZ (Switzerland), Aquafortus (New Zealand), Konatec (Chile), Chass (Chile), Remote Waters (Chile), Relitia (Chile), Eightinks (Switzerland), and Aiguasol (HDH) (Chile). Of the total number of selected companies, 42% are in the electromobility sector, 33% in the water sector, and 25% in the lithium sector.
Kathleen Barclay , president of Endeavor Chile, commented that this process “will boost entrepreneurship from Antofagasta to the world. Together with SQM, these companies will be able to scale and deliver added value to the region. We will contribute our experience with several mentors to develop these startups and positively impact the industry and the region.”
What is SQM Lithium Ventures?
In late 2022, SQM Lithium Ventures was launched, a groundbreaking initiative in Chile designed to accelerate entrepreneurship at various stages, from startup accelerator programs to Series A investment rounds, both in the Antofagasta region and throughout Chile and the world. This corporate venture capital fund for SQM's lithium business will invest up to US$40 million in the water, lithium, and electromobility sectors.