GM Ventures has signed a strategic agreement to develop EnergyX’s lithium extraction and refinery technology, and Energy Exploration Technologies Inc. and General Motors Co. have made the announcement that GM Ventures will lead a $50 million Series B financing round for EnergyX. Utilizing EnergyX’s innovative process to maximize efficiency and enhance sustainability for GM’s rapidly expanding EV production, the collaboration aims to unlock the North American supply of lithium, an essential material for EV batteries.
EnergyX’s direct lithium extraction (DLE) technology portfolio can make lithium metal directly from brine and possibly in anode-ready form for EV batteries. This makes it possible to recover lithium at a lower cost and in a way that is more sustainable, which opens up a vast North American lithium supply chain that might not be viable otherwise. GM is putting resources into each phase of the battery store network in North America, from unrefined substances, to handling, to cell parts and full battery cell creation.
According to Teague Egan, CEO of EnergyX, this single bottleneck is the greatest obstacle to scaling EV production. The EnergyX team of scientists and engineers has worked tirelessly for five years developing cutting-edge DLE technology to address the enormous bottlenecks that have limited global lithium production and supply chain. They will open lithium supply in the US, a urgent move in growing the EV business. The support of leaders like General Motors is one of the most rewarding ways to measure success. They will maintain a “Day One” attitude as they work toward making EnergyX the largest lithium company in the world and are energized by GM’s investment.
According to Jeff Morrison, GM vice president of Global Purchasing and Supply Chain, they are committed to securing EV critical minerals that are sustainable and cost-competitive in order to maintain their leadership position among automakers. GM’s leadership position is further demonstrated by the investment in EnergyX. EnergyX is fostering a clever direct lithium extraction process that is not just expense cutthroat yet in addition will diminish energy, land and water use when contrasted with the momentum extraction and handling process for saline solution-based lithium. They are thrilled to have EnergyX as a partner in their efforts.
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