General Motors Leads $50M Funding Round In Lithium Startup EnergyX To Secure Supply For EV Batteries

General Motors Company GM is leading a $50 million Series B financing round in Energy Exploration Technologies Inc (EnergyX), a lithium technology startup.
The parties also entered a strategic agreement to develop EnergyX's lithium extraction and refinery technology.
The move is viewed as an attempt by the carmaker to secure the supply of lithium, a critical material for EV batteries.
EnergyX is developing direct lithium technologies (DLE) to extract lithium from the brine deposits, enabling more cost-effective and sustainable lithium recovery.
GM will help EnergyX commercialize the DLE technology and refinery processes, which could complement or replace traditional methods of evaporation ponds.
GM will access competitive lithium offtakes for its exclusive use in EV production, including material sourced from North and South American mining companies contracted by EnergyX.
Also Read: GM Buyouts Slash 5,000 Positions
"We are committed to securing EV-critical minerals that are sustainable and cost competitive to maintain our leadership position among automakers," said Jeff Morrison, GM vice president of Global Purchasing and Supply Chain.
Amid building a 40,000-square-foot facility in Austin, Texas, to house its growing operation, EnergyX plans to increase its employees to 100 in the coming months. EnergyX currently counts over 50 employees.
Also See: GM Vs Tesla: How Do Q1 EV Sales Stack Up?
Price Action: GM shares are trading lower by 0.57% at $35.53 on the last check Tuesday.

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