EnergyX Secures $225M Strategic Equity Investment From Eni

The company will use the funding to advance the commercial development of its 100,000-acre Project Black Giant in Antofagasta, Chile. It will also expand its lithium extraction pilot plants and build a demonstration facility with an annual production capacity of 170 metric tons.

The investment adds to a previously announced $690 million debt financing Letter of Intent from the U.S. EXIM Bank. Under the deal, Eni will have the option to purchase 25% of the lithium produced in the future. The project is expected to produce up to 52,500 metric tons of lithium carbonate per year to help supply electric vehicle and battery manufacturers.

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EnergyX said its project development work confirmed that its GET Lit direct lithium extraction and refining technology can deliver some of the lowest development and operating costs among large-scale lithium projects. The results help reduce project risk and strengthen the company's position as a low-cost lithium technology provider as demand for reliable lithium supply continues to grow.

"Partnering with Eni on this strategic investment marks a defining moment for EnergyX," said Teague Egan, Founder, Chairman, and CEO of EnergyX. "After years of intense work and focus, this vote of confidence from Eni not only validates the impact of Project Black Giant™, but also the strength of EnergyX's GET-Lit™ DLE technology platform. We believe this project will become the world's largest DLE operation, as well as fundamentally transform the lithium industry by showcasing the viability of breakthrough DLE technology on a commercial scale."

Juan Carlos Barrera, President of Lithium for EnergyX stated, "Lowest cost production is essential to building durable lithium supply chains, particularly in a market that has experienced significant price volatility. With lithium prices now showing renewed upward momentum, the timing to advance a project of this scale could not be more important."

Clara Andreoletti, CEO of Eni Next, said, "We continue to support EnergyX with this important investment into the Black Giant lithium project. Eni Next has been a shareholder of EnergyX for nearly 4 years now, since the early days of exploration. This larger investment into EnergyX by our corporate parent showcases successful portfolio incubation and deal flow by the corporate venture capital arm."

About EnergyX

Founded in 2018 by CEO Teague Egan, Energy Exploration Technologies (EnergyX) develops technologies for producing critical minerals used in battery and nuclear energy supply chains. The company is developing lithium projects across North and South America while advancing its GET-Lit direct lithium extraction technology and NUKE-it nuclear technology platform.

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