EnergyX, a U.S.-based lithium technology company, has secured a $225 million strategic equity investment from Italian energy company Eni. The investment supports the commercial development of the company's lithium extraction project in Chile.
The funding gives Eni a minority stake in EnergyX's Chilean mining asset. In addition, the agreement provides Eni with a 25% offtake option on future lithium production.
This investment follows a previously announced $690 million debt financing Letter of Intent (LOI) from the U.S. Export-Import Bank (EXIM Bank). Together, the financing is expected to support the next phase of the company's lithium production plans.
EnergyX plans to use the new capital to develop its 100,000-acre Project Black Giant™ in Antofagasta, Chile.
Besides that, the company will expand its direct lithium extraction (DLE) pilot facilities and build a demonstration plant with an annual production capacity of 170 metric tons.
Once fully developed, the multi-phase project is expected to produce up to 52,500 metric tons of lithium carbonate each year. The output is intended to support electric vehicle battery supply chains in allied markets.
Founded and led by Founder, Chairman, and CEO Teague Egan, EnergyX develops GET-Lit™, its proprietary direct lithium extraction platform.
The technology is supported by a portfolio of more than 150 patents. It is designed to recover and refine high-purity lithium carbonate from brine resources while reducing operating costs.
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