Power Exploration Applied sciences Inc. (EnergyX) and Common Motors introduced that GM Ventures is main a $50 million Collection B financing spherical in EnergyX, and has entered right into a strategic settlement to develop EnergyX’s lithium extraction and refinery know-how.
The collaboration is targeted on unlocking the North American provide of lithium, a essential materials for EV batteries, through the use of EnergyX’s modern course of to maximise effectivity whereas bettering sustainability for GM’s quickly scaling EV manufacturing.
EnergyX’s direct lithium extraction (DLE) know-how portfolio could make lithium metallic instantly from brine and doubtlessly in anode-ready type for EV batteries, which allows cheaper and sustainable lithium restoration to unlock an enormous lithium provide chain in North America that will in any other case be unviable.
GM is investing in each stage of the battery provide chain in North America, from uncooked supplies, to processing, to cell parts and full battery cell manufacturing.
The intensive collaboration between these two American corporations contains three key parts:
A know-how improvement program to assist commercialization of EnergyX’s superior DLE and refinery processes, which might complement or change conventional strategies of evaporation pondsAn settlement enabling GM to entry aggressive lithium offtakes for GM’s unique use in EV manufacturing, together with materials sourced from North and South American mining corporations contracted by EnergyXAdditional strategic financing for lithium manufacturing tasks in North and South America, utilizing EnergyX’s know-how to drive potential provide chain alternatives for GM
“The EnergyX workforce of scientists and engineers have labored relentlessly for 5 years creating cutting-edge DLE know-how to unravel the immense bottlenecks which have restricted world lithium manufacturing and provide chain,” stated Teague Egan, CEO, EnergyX. “This single bottleneck (a large lithium scarcity) is the largest problem to scaling EV manufacturing. We are going to unlock lithium provide within the U.S., a pivotal transfer in increasing the EV trade. There are various methods of gauging success, however few are extra rewarding than the assist of leaders like GM. We’re energized by GM’s funding and can maintain a ‘Day 1’ angle as we pursue our objective of creating EnergyX the largest lithium firm on the earth.”
“We’re dedicated to securing EV essential minerals which are sustainable and price aggressive to keep up our management place amongst automakers,” stated Jeff Morrison, GM vice chairman of International Buying and Provide Chain. “The funding in EnergyX is an extra proof level of GM’s management place. EnergyX is creating a novel direct lithium extraction course of that’s not solely value aggressive but in addition will cut back power, land and water utilization as in comparison with the present extraction and processing course of for brine-based lithium. We’re excited to be partnered with EnergyX on their efforts.”
In 2022, EnergyX grew to become the primary agency to design, construct and fee an in-field pilot plant within the Lithium Triangle, which encompasses over 65% of the identified world lithium reserves. The corporate’s LiTAS™ know-how will increase lithium restoration charges to over 90% from the present trade normal of 30-40% utilizing ponds and hit 94% throughout their discipline trials. After a profitable five-month pilot program proving the efficacy of the LiTAS™ lithium refinery course of, EnergyX will scale these techniques to extra sturdy market demonstration vegetation situated at 5 regional take a look at beds in North and South America, adopted by full-scale commercialization.
This new spherical of financing, funded by GM and different traders, helps solidify EnergyX as one of many world leaders in DLE know-how and also will allow the corporate to broaden its analysis and improvement efforts for pure lithium metallic anodes and its solid-state lithium metallic battery program, SoLiS™. Amid constructing a 40,000-square-foot innovation and manufacturing facility in Austin, Texas, to accommodate its rising operation, EnergyX at the moment counts over 50 staff and can improve that quantity to 100 within the coming months.
Apr 12, 2023