EnergyX raises $20mn for direct lithium extraction tech
Energy Exploration Technologies (EnergyX) has announced that earlier this year it secured commitments of $20mn in financing, ensuring the company as a world leader in direct lithium extraction (DLE) technology
Based in the US, EnergyX is a technology company focused on delivering the latest scientific innovations in sustainable lithium extraction methods and solid-state battery energy storage systems. This funding also makes EnergyX the highest values DLE tech company onthe market
Lithium, a metallic component integral to the batteries found within electric vehicles and personal electronics, is set to be a major factor in the global transition to a sustainable energy future. In 2020, EnergyX announced a pilot partnership with Orocobre to deliver high-quality and comprehensive that will support cleaner, more efficient energy extraction. Last, month, Orocobre announced a multi-billion dollar with Galaxy Resources to create a lithium giant with the potential to become the third largest producer in the world. EnergyX and Orocobre plan to deploy their pilots in the near future.
Being the lightest metal on the periodic table, lithium's inherent properties make it an efficient, high-capacity strorage medium for energy systems that provide electromobility and the intermittency of renewable energy. Rising global demand for EVs and economic energy storage systems has led to projections showing an order-of-magnitude increase in lithium demand. In 2020 global supply was roughly 315k tons; this is expected to rise to 5.5 millions by 2040. EnergyX has identified how to improve lithium extraction methods while lessening the environmental impact of mining.
EnergyX, along with its new partners and strategic investors including Obsidian Acquisition Partners, Helios Capital, and the University of Texas, hope to build a string platform for industry, academia and natural resource management to work together.
Kris Haber, Director of Obsidian, commented: "We are pleased to invest in EnergyX at this critical time. Some in the EV industry have likened lithium to the early days of oil exploration. EnergyX has developed a technology for lithium extraction whose potential economic impact on the industry is simlar to fracking on terms of efficiency and cost savings, yet limiting environmental impact and global carbon footprint."
EnergyX CEO Teague Egan commented: "EnergyX has been diligently working towards creating a cleaner lithium space in conjunction with other global leaders. We are all very excited to continue that focus with the additional support through this Series A funding. There is a majoroncoming shift across the entire battery metals supply chain including mining and materials, anode/cathode, and cell assembly. EnergyX plans to be at the epicentre for decades to come."