The demand for lithium continues to grow as electric vehicles and renewable energy storage become more common around the world. To meet this rising demand, companies are investing in new projects that can help strengthen the global supply of battery materials. In a major development, EnergyX has secured a $225 million strategic investment from Italian energy company Eni to support the development of its Black Giant lithium project in Chile. The investment marks an important step for both companies as they expand their presence in the fast-growing lithium industry.
Eni Invests in EnergyX’s Black Giant Project
Under the agreement, Eni will invest $225 million in exchange for a 25% stake in Black Giant SpA, the company established to develop EnergyX’s Black Giant lithium project in Chile.
The project is located in the Antofagasta region, near the Salar de Punta Negra, one of Chile’s well-known lithium-rich areas. The partnership combines EnergyX’s lithium extraction technology with Eni’s engineering and project development experience.
The investment also strengthens an existing relationship between the two companies. Eni first invested in EnergyX through its corporate venture capital arm in 2023, and this latest agreement expands that collaboration.
Project Aims for Commercial Production by 2028
EnergyX plans to develop the Black Giant project in multiple phases. The first phase is expected to begin commercial production in 2028, with an annual production target of approximately 7,500 tonnes of lithium carbonate.
As additional phases are completed, the company expects total production capacity to reach 52,500 tonnes of lithium carbonate per year after the first two development phases. The project is designed to support the growing demand for lithium used in rechargeable batteries for electric vehicles, consumer electronics, and energy storage systems.
EnergyX to Deploy Its Direct Lithium Extraction Technology
The Black Giant project will use EnergyX’s proprietary GET™ (Global Energy Transition) Direct Lithium Extraction (DLE) technology.
According to the company, the technology has been tested through nearly 10,000 hours of pilot operations, helping prepare it for large-scale commercial deployment. EnergyX says the project represents a major milestone in bringing its lithium extraction technology to commercial production.
Eni Will Provide Technical Expertise
Beyond its financial investment, Eni will contribute technical and operational expertise to the project.
The company will support engineering, subsurface development, and project execution as Black Giant moves toward commercial production. Eni’s experience in developing large-scale energy projects is expected to help advance the project’s construction and operational planning.
The agreement also gives Eni representation in the governance of Black Giant SpA, allowing it to participate in key decisions during the project’s development.
Growing Importance of Lithium
Lithium has become one of the world’s most important minerals because it is a key ingredient in rechargeable batteries. As governments and manufacturers continue investing in cleaner transportation and renewable energy, demand for lithium is expected to remain strong.
With Eni’s investment and technical support, EnergyX is moving forward with one of its largest commercial projects to date. The partnership reflects the increasing collaboration between technology companies and global energy firms as they work to expand reliable lithium production for the energy transition.
The Black Giant project is expected to play an important role in EnergyX’s long-term growth while supporting the broader effort to increase lithium production through advanced extraction technologies.
