Energy Exploration Technologies, a company based in Ft. Lauderdale, FL, and Austin, TX, specializing in clean-tech energy solutions, recently raised $50 million in a Series B funding round. The investment was spearheaded by GM Ventures, with contributions from other investors.
The funds are intended to expand the company’s research and development efforts in creating pure lithium metal anodes and advancing its solid-state lithium metal battery program, known as SoLiS.
Established in 2018, CEO Teague Egan leads Energy Exploration Technologies. The company focuses on clean energy storage by utilizing direct lithium mining and refining technologies through its LiTAS portfolio, in addition to offering more efficient battery and energy storage solutions via the SoLiS initiative. Their direct lithium mining (DLE) technologies can produce metallic lithium straight from brine, possibly in an anode-ready form for electric vehicle batteries. This process allows for a more cost-effective and eco-friendly recovery of lithium, creating a lithium supply chain in North America.
Energy Exploration Technologies and General Motors Co. have also entered into a strategic partnership to develop EnergyX’s lithium extraction and refinery technology.
This collaboration between the two American companies consists of three main components:
- A technology development program aimed at supporting the commercialization of EnergyX’s advanced DLE and refinery processes, which could serve as an alternative or even replace traditional evaporation pond methods.
- An agreement allowing GM access to competitively-priced lithium offtakes for their 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, utilizing EnergyX’s technology to create potential supply chain opportunities for GM.
