Element3, a Fort Worth-based critical minerals company, on Feb. 6 announced it has produced lithium carbonate from Permian Basin produced water — or naturally occurring water that comes out of the ground along with oil and gas. This is the first lithium carbonate produced at scale in commercial equipment in the Permian Basin and marks the first new domestic lithium mining project to market in the U.S. in half a century, according to the company.
The company’s first Midland Basin commercial extraction plant is currently installed at Fort Worth-based Double Eagle Energy Holdings subsidiary’s recycling facility. The first commercial products from the plant are targeted to ship to customers this quarter.
Lithium is an element critical to batteries, advanced manufacturing and other products, according to a report by the Federal Reserve Bank of Dallas.
The Permian Basin is Element3’s initial operating area as the region generates a billion gallons of oil and gas wastewater daily, making the area one of the largest untapped lithium resources in the U.S., according to the company.
At the opening of the 3,000 ton-per-annum lithium carbonate facility in Midland, Element3 hosted a ribbon-cutting ceremony with Gov. Greg Abbott, Anthony Pugliese, chief commercial officer at the U.S. Department of Energy, and Texas Railroad Commissioner Wayne Christian.
“The future of America depends on producing the elements essential to our supply chain for products we use every day,” Abbott said in a news release.
The only operating lithium mine in the U.S. is in Nevada, according to the Federal Reserve Bank of Dallas. However, several companies want to bring new lithium projects forward in an effort to reduce reliance on China-dominated supply chains as global demand for lithium is expected to double over the next five years.
“Element3’s plan is the epitome of quintessential Texas ingenuity, building the first lithium carbonate production plant from oilfield waste right here in the United States,” Abbott said.
In September, Element3 officials announced the close of its Series A funding round led by TO VC, an early-stage venture capital firm. Other investors include Tulsa-based EIC Rose Rock, leading oil and gas family offices and other strategic partners.
Much like Fort Worth’s MP Materials plant that is manufacturing magnets essential to batteries and other products considered essential to national defense, lithium production is considered a critical element for similar reasons.
Element3’s proprietary technology builds on research licensed from Oak Ridge National Laboratory.
Air conditioning distributor closes on new headquarters
Sunair Products Inc. will soon have a new home. The worldwide air conditioning components distributor, which currently has operations in Haltom City, closed on a 124,380-square-foot industrial site in North Richland Hills for a new headquarters and distribution campus.
The company’s new location sits on 11 acres at 6550 Wuliger Way and is more than double the size of its two sites in nearby Haltom City. Luke Clardy, vice president in the Fort Worth office of Dallas-based Bradford Commercial Real Estate Services, represented Sunair Products in the acquisition.
“Sunair’s growth took it from a national distributor to a global one. The company was long overdue to expand its Fort Worth-area headquarters and distribution hub,” Clardy said in a news release.
Sunair is awaiting a certificate of occupancy to begin the relocation. Key to the acquisition decision was the location, which is close to employees’ homes, and the move-in ready condition of the warehouse and office.
“The timing for the closing was critical because Sunair’s peak season is summer,” Clardy said. “It was imperative to find and close on the right property so the move-in would be completed by then.”
Sunair has mapped out a phased-in relocation, starting with the warehouse operation at 2525 Minnis Drive. Clardy presently is marketing that site and the headquarters building at 2329 Solona St. for sale, which has been the firm’s corporate home since its inception in the 1980s.
“The office, which was one of the property’s attractions, will be renovated,” Clardy says. “Sunair’s principals plan to build upon the existing footprint to create a first-in-class headquarters representative of the company’s caliber.”
Wuliger Way features 12,500 square feet of corporate office space and a 111,660-square-foot cross-dock warehouse with 15 dock doors, heavy power and a sprinkler system. The 11-acre tract includes a 180-foot truck court with 56 trailer stalls, 117-space parking lot and 1 acre of outside storage.
Sunair’s new campus, developed in 1981, is located about 1 mile from the Loop 820-Interstate 35W junction in an industrial pocket of North Richland Hills. Former occupants were Sealy Mattress Co. and ADI Logistics. Will Carney and Brad Balke of KBC Advisors represented the seller, TLP 6550 Wuliger Way LLC.
Sunair Products is a privately held corporation with customers in more than 40 countries. Its European division is based in the Netherlands.
Crescent refinance
JLL Capital Markets group arranged a $596 million refinancing for the office towers and atrium building at The Crescent, the 1.3 million-square-foot mixed-use property in Dallas.
JLL worked on behalf of Fort Worth’s Crescent Real Estate to secure the three-year, floating-rate loan through Goldman Sachs and J.P. Morgan.
No longer hopping
Pour one out for Panther City Brewing. It began in the heyday of Texas’ local craft brewery expansion and carved out a spot on Panther Island even before that area just north of downtown had an official name. The brewery shut off the taps Feb. 13.
“It’s our farewell party, and we’re going out the way we came in — surrounded by good people, cold beer and the Fort Worth community that made this place what it is,” Panther City officials said on its website.
Panther City was opened by Ryan McWhorter in 2014 and won several craft brewing awards over the years.
According to the Brewers Association, overall U.S. beer production and imports were down 1% in 2024, while craft brewer volume sales declined by 4%, slightly reducing small and independent brewers’ share of the nation’s beer market by volume to 13.3%.
Have something for Bob on Business: Send to bob.francis@fortworthreport.org.
Bob Francis is business editor at the Fort Worth Report.At the Fort Worth Report, news decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy her
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