EnergyX raises $50M led by GM to unlock NA lithium supply.
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EnergyX raises $50M led by GM to unlock NA lithium supply.

GM Ventures has also entered into a strategic agreement to develop EnergyX lithium extraction and refinery technology.

Energy Exploration Technologies Inc. (EnergyX) and General Motors Co. revealed a major collaboration aimed at unlocking the North American supply of lithium, a crucial material for EV batteries. This collaboration is expected to help GM scale its EV production while improving sustainability and maximizing efficiency.

GM Ventures is leading a $50 million Series B financing round in EnergyX and has entered into a strategic agreement to develop EnergyX’s lithium extraction and refinery technology. This will enable EnergyX’s direct lithium extraction (DLE) technology portfolio to make lithium metal directly from brine, potentially in an anode-ready form for EV batteries. This new approach is expected to make lithium recovery more cost-effective and sustainable, unlocking a vast lithium supply chain in North America that may otherwise be unviable.

GM’s investment in EnergyX is part of the automaker’s strategy to invest in every stage of the battery supply chain in North America, from raw materials to processing, to cell components and full battery cell production. This extensive collaboration between these two American companies includes three key components.

Firstly, there will be a technology development program to support the commercialization of EnergyX’s advanced DLE and refinery processes, which could complement or replace traditional methods of evaporation ponds. Secondly, GM will have access to competitive lithium offtakes for its exclusive use in EV production, including material sourced from North and South American mining companies contracted by EnergyX. And finally, there will be additional strategic financing for lithium production projects in North and South America, using EnergyX’s technology to drive potential supply chain opportunities for GM.

GM and other investors have contributed to a new financing round, which is expected to reinforce EnergyX’s position as one of the global leaders in direct lithium extraction (DLE) technology. This infusion of capital will also enable the company to expand its research and development efforts for pure lithium metal anodes and its solid-state lithium metal battery program, known as SoLiS. EnergyX is currently constructing a 40,000-square-foot innovation and manufacturing facility in Austin, Texas, to accommodate its expanding operations. With over 50 employees currently on board, the company plans to increase its workforce to 100 in the coming months.

Also Read: Ford to invest C$1.8 Billion in Oakville, Ontario Complex for high-volume EV manufacturing.

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