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Energy Exploration Technologies and General Motors (NYSE: GM) today announced that GM Ventures is leading a $50 million Series B financing round in EnergyX. GM has entered into an agreement to develop EnergyX’s* lithium extraction and refinery technology.
The intent is to secure an American supply of lithium, a critical material for EV batteries, by using EnergyX’s refining technology to support GM’s rapidly expanding EV production. GM, among the global leaders leader in electric vehicles, is investing in every phase of the battery supply chain in North America, from raw materials, to processing, to cell components and full battery cell production.
EnergyX’s direct lithium extraction technology, so-called DLE, can make lithium metal directly from brine and possibly in anode-ready form for EV batteries. GM said this enables a “more cost-effective and sustainable lithium recovery to unlock a vast lithium supply chain in North America that may otherwise be unviable.”
“The EnergyX team of scientists and engineers have worked relentlessly for five years developing cutting-edge DLE technology to solve the immense bottlenecks that have limited global lithium production and supply chain,” claimed Teague Egan, CEO, EnergyX. “This single bottleneck (a massive lithium shortage) is the biggest challenge to scaling EV production. We will unlock lithium supply in the U.S., a pivotal move in expanding the EV industry,” Egan said.
Highlights of the Deal
- A technology development program to support commercialization of EnergyX’s DLE and refinery processes, which could complement or replace traditional methods of evaporation ponds.
- An agreement enabling GM to access competitive lithium offtakes for GM’s exclusive use in EV production, including material sourced from North and South American mining companies contracted by EnergyX.
- Additional strategic financing for lithium production projects in North and South America, using EnergyX’s technology to provide supply chain openings for GM.
“We are committed to securing EV critical minerals that are sustainable and cost competitive to maintain our leadership position among automakers,” said Jeff Morrison, GM vice president of Global Purchasing and Supply Chain. “The investment in EnergyX is a further proof point of GM’s leadership position. EnergyX is developing a novel direct lithium extraction process that’s not only cost competitive but also will reduce energy, land and water usage as compared to the current extraction and processing process for brine-based lithium.
* In 2022, EnergyX became the first firm to design, build and commission an in-field pilot plant in the so-called Lithium Triangle, Chile, Argentina, and Bolivia, which encompasses over 65% of the known global lithium reserves. The company’s LiTAS™ technology increases lithium recovery rates to more than 90% from the current industry standard of 30-40% using ponds and achieved 94% during their field trials. After a successful five-month pilot program proving the efficacy of the LiTAS™ lithium refinery process, EnergyX will scale those systems to more robust market demonstration plants located at five regional test beds in North and South America, followed by full-scale commercialization.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
GM Ventures is Investing in EnergyX for EV Batteries
Click for more information.
Energy Exploration Technologies and General Motors (NYSE: GM) today announced that GM Ventures is leading a $50 million Series B financing round in EnergyX. GM has entered into an agreement to develop EnergyX’s* lithium extraction and refinery technology.
The intent is to secure an American supply of lithium, a critical material for EV batteries, by using EnergyX’s refining technology to support GM’s rapidly expanding EV production. GM, among the global leaders leader in electric vehicles, is investing in every phase of the battery supply chain in North America, from raw materials, to processing, to cell components and full battery cell production.
EnergyX’s direct lithium extraction technology, so-called DLE, can make lithium metal directly from brine and possibly in anode-ready form for EV batteries. GM said this enables a “more cost-effective and sustainable lithium recovery to unlock a vast lithium supply chain in North America that may otherwise be unviable.”
“The EnergyX team of scientists and engineers have worked relentlessly for five years developing cutting-edge DLE technology to solve the immense bottlenecks that have limited global lithium production and supply chain,” claimed Teague Egan, CEO, EnergyX. “This single bottleneck (a massive lithium shortage) is the biggest challenge to scaling EV production. We will unlock lithium supply in the U.S., a pivotal move in expanding the EV industry,” Egan said.
Highlights of the Deal
“We are committed to securing EV critical minerals that are sustainable and cost competitive to maintain our leadership position among automakers,” said Jeff Morrison, GM vice president of Global Purchasing and Supply Chain. “The investment in EnergyX is a further proof point of GM’s leadership position. EnergyX is developing a novel direct lithium extraction process that’s not only cost competitive but also will reduce energy, land and water usage as compared to the current extraction and processing process for brine-based lithium.
* In 2022, EnergyX became the first firm to design, build and commission an in-field pilot plant in the so-called Lithium Triangle, Chile, Argentina, and Bolivia, which encompasses over 65% of the known global lithium reserves. The company’s LiTAS™ technology increases lithium recovery rates to more than 90% from the current industry standard of 30-40% using ponds and achieved 94% during their field trials. After a successful five-month pilot program proving the efficacy of the LiTAS™ lithium refinery process, EnergyX will scale those systems to more robust market demonstration plants located at five regional test beds in North and South America, followed by full-scale commercialization.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.