What’s Happening: Energy Exploration Technologies Inc. (EnergyX) and General Motors Co. (GM) have announced a $50 million Series B financing round led by GM Ventures, along with a strategic agreement to develop EnergyX’s lithium extraction and refinery technology. The collaboration aims to unlock the North American lithium supply, a critical material for electric vehicle (EV) batteries, while enhancing efficiency and sustainability for GM’s rapidly expanding EV production.
Why It Matters: EnergyX’s direct lithium extraction (DLE) technology offers a more cost-effective and sustainable method of recovering lithium, which could unlock a vast lithium supply chain in North America that may otherwise be unfeasible. As GM is investing in every stage of the battery supply chain, from raw materials to cell production, this partnership is a significant step towards securing critical EV minerals and maintaining GM’s leadership position among automakers.
Key Points:
- The extensive collaboration includes a technology development program to support the commercialization of EnergyX’s advanced DLE and refinery processes, potentially replacing traditional evaporation pond methods.
- An agreement allows GM to access competitive lithium offtakes for their exclusive use in EV production, including material sourced from North and South American mining companies contracted by EnergyX.
- Additional strategic financing will be provided for lithium production projects in North and South America, using EnergyX’s technology to drive potential supply chain opportunities for GM.
Bottom Line: The investment in EnergyX solidifies the company as a world leader in DLE technology and supports their research and development efforts for pure lithium metal anodes and the solid-state lithium metal battery program, SoLiS™. After successfully completing a five-month pilot program, EnergyX plans to scale their LiTAS™ lithium refinery process to more robust market demonstration plants in North and South America, followed by full-scale commercialization. As EnergyX continues to expand its workforce and build a 40,000-square-foot innovation and manufacturing facility in Austin, Texas, this strategic collaboration with GM will be pivotal in advancing the EV industry and unlocking lithium supply in the United States.
