Energy Exploration Technologies Inc. (“EnergyX”) and General Motors Co. today announced that 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. The companies say the collaboration is focused on unlocking the North American supply of lithium, a critical material for EV batteries, by using EnergyX’s process to maximize efficiency while improving sustainability for GM’s rapidly scaling EV production.
EnergyX says its direct lithium extraction (DLE) technology portfolio can make lithium metal directly from brine and potentially in anode-ready form for EV batteries, which enables more cost-effective and sustainable lithium recovery to unlock a lithium supply chain in North America that may otherwise be unviable. GM says it is investing in every stage of the battery supply chain in North America, from raw materials, to processing, to cell components and full battery cell production.
The companies say the collaboration between these two American companies includes three key components:
- A technology development program to support the commercialization of EnergyX’s DLE and refinery processes.
- 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 drive potential supply chain opportunities for GM.
In 2022, EnergyX says it became the first firm to design, build and commission an in-field pilot plant in the “Lithium Triangle,” which encompasses over 65% of the known global lithium reserves. The company says its LiTAS technology increases lithium recovery rates to over 90% from the current industry standard of 30-40% using ponds and hit 94% during their field trials.
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