BMW said on Wednesday it will invest in lithium technology startup Lilac Solutions Inc to support more-efficient ways to produce the electric vehicle battery metal. Privately-held Lilac is part of a growing number of technology developers seeking to extract lithium from saltwater brines faster, cheaper, and with less water than evaporation ponds, which have long been the industry standard. BMW, which already buys lithium from China’s Ganfeng Lithium Co and other traditional lithium producers, said it sees Lilac’s technology as a way to boost global production of the white metal as demand grows from the EV market. “This holds the promise of becoming a new extraction technology that allows access to more green lithium,” said Kasper Sage of BMW i Ventures, BMW’s venture capital fund. The German automaker is participating in Lilac’s Series B funding round alongside SK Materials Co, Sumitomo Corp investment arm Presidio Ventures, and others. BMW declined …