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SQM Lithium Ventures will invest up to $2 million in Movener, a Chilean startup founded in 2016 that has developed a conversion technology to transform combustion-engine trucks into hybrid-electrics.
Movener becomes the first Chilean company in SQM’s venture portfolio, and its goal to reduce the carbon footprint of transport is in line with SQM’s target of reaching carbon neutrality by 2040, the lithium giant’s venture arm said.
The company is SQM Lithium Ventures’ fourth investment, joining the UK-based companies Altilium Clean Technology and Salinity Solutions, as well as Electric Era in the US.
The funding will help Movener with upcoming commercial endeavours and to further develop its hybrid technology. The company has already formed partnerships with large companies such as Walmart and has begun trial projects and initial implementation phases with other important players in the industry, it said.
Moving forward, Movener seeks to improve the effectiveness of its technology, aiming for a 25% decrease in fuel consumption, an enhancement from the current 20% savings obtained with their systems.
SQM’s environmental goals include reducing the use of groundwater by 40% by 2030 and decreasing brine extraction in the Atacama salt flat by 50% by 2030.
