General Motors Co will announce on Tuesday an investment in lithium technology startup EnergyX as it expands further into the mining industry, the latest deal by the car maker to ensure long-term supplies of the metal used to make electric vehicle batteries.
-backed Lilac Solutions Inc and others have so far failed. GM told Reuters it believes DLE "could be the most efficient method to extract lithium from brine sources."
The automaker plans to lead a Series B round of financing for EnergyX worth $50 million and to help finance EnergyX's future expansion across North and South America. GM, which declined to say how much of the Series B round it was funding, will have the right of first refusal to buy lithium from any projects that EnergyX develops.
"We are committed to securing EV-critical minerals that are sustainable and cost competitive," said Jeff Morrison, GM's vice president of global purchasing and supply. EnergyX, also known as Energy Exploration Technologies Inc, has said it aims to launch an initial public offering by 2024. As part of any IPO, private equity firm Global Emerging Markets Group plansEnergyX has said its technology can make lithium metal directly from brine, a tantalizing prospect for GM that could let the automaker bypass lithium refining, which is
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