Posco-backed group invests in lithium technology startup EnergyX
A consortium led by South Korean conglomerate Posco Holdings is investing in lithium technology startup EnergyX as it considers more efficient ways to produce the battery metal for the green energy transition. The push to electrify the world’s economy has fueled a hunt for stable supplies of lithium and other critical minerals and drawn attention to so-far unproven direct lithium extraction (DLE) technologies being developed by EnergyX and its peers.
⛏️🔋 GM Leads $50 Million Funding Round in EnergyX to Unlock U.S.-Based Lithium Supply for Rapidly Scaling EV Production
Energy Exploration Technologies Inc. (“EnergyX”) and General Motors Co. (NYSE: GM) 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 collaboration is focused on unlocking the North American supply of lithium, a critical material for EV batteries, by using EnergyX’s innovative process to maximize efficiency while improving sustainability for GM’s rapidly scaling EV production.
EnergyX’s 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 vast lithium supply chain in North America that may otherwise be unviable.