GM Leads $50 Million Series B Financing Round in US Lithium Mining Group EnergyX

General Motors Co. has announced that it is leading a $50 million Series B financing round in US lithium mining group EnergyX. GM has also  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, by using EnergyX’s innovative process to maximise 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.

This enables more cost-effective and sustainable lithium extraction to unlock a vast lithium supply chain in North America that may otherwise be unviable.

This new round of financing, funded by GM and other investors, helps enable EnergyX to broaden its research and development efforts for pure lithium metal anodes and its solid-state lithium metal battery program.

GM 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.

Jeff Morrison, GM vice president of Global Purchasing and Supply Chain, says: “We are committed to securing EV critical minerals that are sustainable and cost competitive to maintain our leadership position among automakers. The investment in EnergyX is a further proof point of GM’s leadership position. EnergyX is developing a novel direct lithium extraction process that’s not only cost competitive but also will reduce energy, land and water usage as compared to the current extraction and processing process for brine-based lithium. We are excited to be partnered with EnergyX on their efforts.”

“The EnergyX team of scientists and engineers have worked relentlessly for five years developing cutting-edge DLE technology to solve the immense bottlenecks that have limited global lithium production and supply chain,” adds Teague Egan, CEO, EnergyX. “This single bottleneck (a massive lithium shortage) is the biggest challenge to scaling EV production. We will unlock lithium supply in the U.S., a pivotal move in expanding the EV industry. There are many ways of gauging success, but few are more rewarding than the support of leaders like GM. We’re energized by GM’s investment and will keep a ‘Day 1’ attitude as we pursue our goal of making EnergyX the biggest lithium company in the world.”

General Motors, its subsidiaries and its joint venture entities, sell vehicles under the Chevrolet, Buick, GMC, Cadillac Baojun and Wuling brands.