US automaker General Motors (GM) is investing $50mn into lithium extraction company Energy Exploration Technologies (EnergyX).
The Series B financing includes GM entering into a strategic agreement with EnergyX to develop the company's lithium extraction and refinery technology, according to an 11 April news release.
EnergyX's direct lithium extraction technology allows it to pull lithium metal directly from brine and could process it directly into anode-ready material for electric vehicle (EV) batteries.
The process could be used in conjunction with evaporation ponds, or could replace that process entirely.
EnergyX is currently building a 40,000ft2 research and development and manufacturing facility in Austin, Texas, and plans to double its headcount to 100 in the coming months.
