Italy's Eni is Investing up to $225 Million in U.S. Startup EnergyX's Chile Lithium Project
As reported in The Wall Street Journal:
Eni, a $40 billion global energy supermajor, just agreed to invest up to $225 million into a private U.S. lithium company's Chilean project called Black Giant™. Goldman Sachs advised the deal.
Why?
Lithium crisis: The IEA projects lithium demand will grow 5x by 2040. Supply is expected to cover only 65–75% of that demand. The world is running into a structural shortage of the single most important battery metal on Earth.
Technology problem: The current extraction method – open-air evaporation ponds – takes 18 months and recovers less than 40% of the lithium. It cannot scale fast enough to meet demand.
Technology solution: A private company holds 150-plus patents on a technology that extracts lithium in days and recovers up to 94%.
South America Project: Project Black Giant™ in Chile – 100,000 acres sitting on up to 9.8 million tons of verified lithium. Production costs under $3,000 per ton. Market price: $25,000. Projected revenue at full scale: $1.3 billion a year.
United States Project: In Texarkana, Texas, they've already built Project Lonestar™ – a $30 million plant producing battery-grade lithium on U.S. soil – projecting another $1 billion a year at commercial scale.
Investors: General Motors, Eni, POSCO, U.S. Department of Energy, U.S. EXIM Bank ($690M financing commitment). Goldman Sachs advised.
Invest alongside Eni, GM, and the deal Goldman Sachs put their name on
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