Energy Exploration Technologies, a Ft. Lauderdale, FL- and Austin, TX-based clean-tech energy company, raised $50M in Series B funding.
The round was led by GM Ventures with participation from other investors.
The company intends to use the funds to broaden its research and development efforts for pure lithium metal anodes and its solid-state lithium metal battery program, SoLiS.
Founded in 2018 and led by CEO Teague Egan, Energy Exploration Technologies stores clean energy with direct lithium mining and refining technologies, the LiTAS portfolio, as well as more effective battery and energy storage solutions, the SoLiS initiative. Its portfolio of direct lithium mining (DLE) technologies can produce metallic lithium directly from brine and potentially in anode-ready form for electric vehicle batteries, which allows more economical and sustainable recovery of lithium for a lithium supply chain in North America.
Energy Exploration Technologies and General Motors Co. also entered into a strategic agreement to develop EnergyX’s lithium extraction and refinery technology.
The collaboration between these two American companies includes three key components:
- A technology development program to support commercialization of EnergyX’s advanced DLE and refinery processes, which could complement or replace traditional methods of evaporation ponds
- An agreement enabling GM to access competitive lithium offtakes for GM’s exclusive use in EV production, including material sourced from North and South American mining companies contracted by EnergyX
- Additional strategic financing for lithium production projects in North and South America, using EnergyX’s technology to drive potential supply chain opportunities for GM
FinSMEs
11/04/2023