EnergyX Raises $450M to Develop Next-Gen Lithium Batteries

July 25, 2022
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Photo: EnergyX / Facebook

We may not always think about what powers the technology that helps shape our lives, from the smartphones we use to the cars we drive. As demand surges for these and other battery-powered solutions, several challenges have impacted global lithium supply chains. EnergyX is working to provide sustainable solutions to these issues, and it just announced a $450 million investment commitment to help it get the job done. 

EnergyX builds technology for lithium extraction, processing and refinement and the production of solid-state lithium batteries. The company provides a greener solution for recovering lithium, according to its site. Its Lithium Ion Transport and Separation solution makes a smaller lithium production footprint. Additionally, the process requires little to no fresh water usage, results in lower CO2 emissions and releases no harmful chemicals back into the ground, according to the company.

Global Emerging Markets (GEM) is funding the company’s latest round to help it grow its business operations. With more than 50 patents for products like its tech suite, EnergyX will use the fresh capital to further its commercialization efforts.

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“GEM’s funding for EnergyX is one of the company’s biggest accomplishments to date. It gives us a war chest and rewards the hard work and long hours put in by every member of our team since the creation of the company,” Teague Egan, EnergyX’s CEO, said in a statement. “Everyone at EnergyX has been committed to developing cutting-edge technology capable of revolutionizing the lithium industry and having an impact on the global transition to low carbon. We have worked tirelessly to make this a reality and this investment is an indication that we are well on our way to reaching our goals.”

EnergyX got its start in 2018 after Egan discovered a largely untapped lithium reserve in Bolivia. The company recently signed an agreement with a Bolivian electric micro-mobility startup, which helps EnergyX establish a South American presence in the lithium brine to battery sector. As per that deal, the startup will build battery swap stations using EnergyX’s Solid State Lithium Metal Battery technology. 

“A tech-heavy ESG company mining in the emerging markets is a rare find,” Jonathan Collins of The GEM Group, EnergyX’s investor, said in a statement. “GEM is delighted to partner with EnergyX, a leader and innovator in the complicated and historically inefficient lithium extraction space. ... EnergyX is leading the way in maximizing lithium recovery and asset utilization in an environmentally and socially conscious way.”

Since the company previously announced plans to expand its team with a new tech hub, it’s now continuing along that momentum of growth. EnergyX is building out its Austin-based team across several departments. Open roles span creative design, manufacturing and production, engineering and more.

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