EnergyX secures $225M investment from Eni for lithium project
The project in Chile has a planned capacity to produce up to 52,500 metric tons of lithium carbonate per year across the first two phases, and the potential to expand further through additional development phases.
Energy Exploration Technologies, Inc. (EnergyX), an energy technology company focused on advanced lithium production and critical mineral supply chain infrastructure has announced a USD 225 million strategic investment from Eni, the Italian-based energy company, for a minority stake in Project Black Giant, a large lithium resource project located in Antofagasta, Chile.
The project has a planned capacity to produce up to 52,500 metric tons of lithium carbonate per year across the first two phases, and the potential to expand further through additional development phases, according to a media release.
Eni will receive rights up to approximately 25% of future lithium production from the project. EnergyX has also secured further strategic offtake agreements supporting future production from the project, reinforcing long term demand visibility and supply chain integration.
While the total capital expenditure into the project is estimated just below USD 1 billion, including financing costs, once the first two phases are fully operational, Project Black Giant is expected to generate approximately USD 1.3 billion in annual gross revenue based on current lithium prices of USD 25,000 per metric tonne as of May 2026, the press release said.
In addition to its USD 225 million strategic investment in Project Black Giant, Eni will support the project through technical collaboration and upstream development expertise, leveraging its global energy infrastructure capabilities, subsurface engineering teams, and operational experience to help accelerate development timelines and commercialization efforts.
“After years of intense work and focus, this vote of confidence from Eni not only validates the impact of Project Black Giant, but also the strength of EnergyX’s GET-Lit DLE technology platform,” said Teague Egan, Founder, Chairman, and CEO of EnergyX. “We believe this project will become the world’s largest DLE operation, as well as fundamentally transform the lithium industry by showcasing the viability of breakthrough DLE technology on commercial scale.”
“We continue to support EnergyX with this important investment into the Black Giant lithium project. Eni Next has been a shareholder of EnergyX for nearly 4 years now, since the early days of exploration,” said Clara Andreoletti, CEO of Eni Next. “This larger investment into EnergyX by our corporate parent showcases successful portfolio incubation and deal flow by the corporate venture capital arm.”
