(RTTNews) – GM Ventures is leading a $50 million Series B financing round in Energy Exploration Technologies Inc. or “EnergyX” and has entered into a strategic agreement to develop EnergyX’s lithium extraction and refinery technology, General Motors Co. (GM) said in a statement.
GM noted that 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’s direct lithium extraction (DLE) technology portfolio can make lithium metal directly from brine and potentially in anode-ready form for EV batteries.
The collaboration between the two American companies includes a technology development program to support commercialization of EnergyX’s advanced DLE and refinery processes; an agreement enabling GM to access competitive lithium offtakes for GM’s exclusive use in EV production; additional strategic financing for lithium production projects in North and South America.
The new round of financing, funded by GM and other investors, will enable EnergyX to broaden its research and development efforts for pure lithium metal anodes and its solid-state lithium metal battery program, SoLiS.
Amid building a 40,000-square-foot innovation and manufacturing facility in Austin, Texas, to house its growing operation, EnergyX currently counts over 50 employees and will increase that number to 100 in the coming months.
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