GM leads $50M EnergyX deal to lock in lithium for its EVs

GM leads $50M EnergyX deal to lock in lithium for its EVs

Basic Motors, which needs to safe all of the lithium it must energy a rising vary of electrical automobiles, stated Tuesday it should lead a $50 million funding in a lithium extraction and refining initiative. EnergyX.

With the deal, the previous automaker says it should assist EnergyX scale its lithium extraction expertise. In return, GM will achieve unique entry to among the lithium that EnergyX provides from mining firms in North and South America.

The businesses declined to reveal the scope of this exclusivity settlement, however in an electronic mail to TechCrunch, GM spokesman David Caldwell stated it was “not limitless, however restricted at sure factors.” The businesses additionally didn’t identify the opposite traders concerned within the $50 million funding spherical.

Demand for lithium has elevated over the previous few years, thanks in a small part to the rise of electrical automobiles and renewables. Extra stress than ever for lithium is pushing firms like EnergyX to hunt extra environment friendly and more cost effective. environmentally damaging — extraction strategies. Earlier this 12 months, EnergyX aforementioned He stated his expertise “can extract lithium from saltwater sources utilizing little or no water and doesn’t require heavy metals or chemical components.”

The Austin, Texas and San Juan, Puerto Rico-based startup has no affiliation with a equally named Seoul-based firm referred to as Power X, which focuses on decarbonizing buildings.

Like different automakers, this is not GM’s first funding in a lithium mining firm. In January, the automaker stated it might pump $650 million into Lithium Americas to assist finance a mine in Nevada.

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