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 AUSTIN, Texas and DETROIT, April 11, 2023 — General Motors Co. (NYSE: GM) and Energy Exploration Technologies Inc. (“EnergyX”) announced a strategic partnership to advance EnergyX’s lithium extraction and refinery technology as well as the fact that GM Ventures is leading a USD 50 million Series B investment round in EnergyX. The cooperation aims to employ EnergyX’s cutting-edge technology to maximize efficiency while enhancing sustainability for GM’s fast-expanding EV manufacturing. Lithium is a critical component of EV batteries and is only available in limited quantities in North America.

With the help of EnergyX’s direct lithium extraction (DLE) technology portfolio, lithium metal can be produced directly from brine and possibly in anode-ready form for electric vehicle batteries. This enables more cost-effective and sustainable lithium recovery and opens up a sizable lithium supply chain in North America that might not be commercially viable otherwise.

GM invests in all North American battery supply chain parts, including raw materials, processing, cell components, and complete battery cell manufacture.

According to Teague Egan, CEO of EnergyX, “The EnergyX team of scientists and engineers have worked tirelessly for five years creating cutting-edge DLE technology to remove the enormous bottlenecks that have hindered the world’s lithium production and supply chain.” “The largest obstacle to increasing EV manufacturing is a single bottleneck (a severe lithium shortage). As a crucial step in developing the EV sector, we will open up the US lithium supply. There are numerous indicators of accomplishment, but few are more satisfying than the backing of influential figures like GM. GM’s investment inspires us and will continue to approach our mission of building EnergyX, the largest lithium company in the world, with a “Day 1″ mentality.”

Jeff Morrison, vice president of GM’s global purchasing and supply chain, said, “We are dedicated to sourcing EV key minerals that are sustainable and cost-competitive to preserve our leading position among automakers.” “The investment in EnergyX further demonstrates GM’s leadership position. EnergyX is developing a unique direct lithium extraction method that, in comparison to the present extraction and processing method for brine-based lithium, will use less energy, water, and land. We are thrilled to work with EnergyX on their initiatives.”

The American business Energy Exploration Technologies aims to take the lead globally in the energy transition. With its revolutionary direct lithium extraction and refinery technologies, the LiTASTM portfolio, as well as more efficient battery and energy storage solutions, the SoLiSTM initiative, the company, which was founded in 2018, is fundamentally altering how humanity powers our world and stores clean energy. EnergyX has already submitted more than 60 patent applications that cover every facet of these innovations.

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Kshitij does business research and content writing for VCBay. Pursuing BBA from Symbiosis Center Of Management Studies (SCMS) Pune, he is skilled in Financial Modeling, Stock valuation and Microsoft Excel. He is passionate about Entrepreneurship and Finance.


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