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⛏️🔋 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.