EnergyX, an Austin, TX-based lithium extraction and refinery technology company, raised $50M in Series B funding.
The round was led by General Motors, with participation from Elohim Partners and IMM Investment Global. One of the major contributors to IMM’s fund vehicle is POSCO Holdings, a lithium battery materials company based in South Korea that has established a full value chain from lithium resources exploration and lithium production, to cathode materials manufacturing. POSCO will provide financial and strategic benefits to EnergyX to help the company accelerate its transition towards full commercialization.
Founded in 2018 by Teague Egan, CEO, Energy Exploration Technologies focuses on clean energy and has patented its direct lithium extraction and refinery technologies, the LiTAS™ portfolio, as well as more effective battery and energy storage solutions, the SoLiS™ initiative.
EnergyX has piloted its proprietary LiTAS suite of technologies that incorporates membranes, solvents, and adsorbents, and has plans to continue large-scale testing with their market demonstration plant in Salta, Argentina.
To date, EnergyX has almost 100 patents and patent applications covering all aspects of its technologies.
FinSMEs
19/10/2023