Energy Exploration Technologies Inc. and General Motors Co. on Tuesday said the automaker's investment arm GM Ventures is leading a $50 million Series B financing round for the lithium startup.
The companies also said they entered into a strategic agreement to develop EnergyX's lithium extraction and refinery technology. The collaboration between GM and EnergyX "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," the companies said in a release.
EnergyX says its direct lithium extraction technology can make lithium metal directly from brine and potentially in anode-ready form for electric vehicle batteries. Their process would make for a more cost-effective and sustainable way to recover lithium.
