Energy Exploration Technologies (EnergyX) secured a USD$225 million investment from Eni SpA (NYSE: E) for a minority stake in its Black Giant lithium project in northern Chile, providing new funding to advance one of the world’s largest planned direct lithium extraction developments.
Announced Mondat, the Black Giant project sits near Salar de Punta Negra in Chile’s Antofagasta region. It targets production of up to 52,500 metric tons of lithium carbonate annually during its first two development phases. The company also believes later expansion phases could increase output beyond that level.
Additionally, Eni received rights to purchase up to approximately 25 per cent of the project’s future lithium production. EnergyX also secured additional offtake agreements to support future sales, strengthening long-term demand visibility for the operation.
EnergyX estimated total project capital costs at just under USD$1 billion, including financing expenses. Once the first two phases reach full production, the company expects Black Giant to generate about USD$1.3 billion in annual gross revenue based on a lithium price of USD$25,000 per metric ton as of May 2026.
Eni’s latest investment expands an existing relationship between the companies. The Italian energy producer previously invested through its corporate venture arm, Eni Next, during EnergyX’s USD$50 million Series B financing round in 2022.
Furthermore, Eni will contribute technical expertise and upstream development support as the project moves toward commercial production. The company plans to provide engineering knowledge, subsurface experience and operational capabilities developed across its global energy business.
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EnergyX completed almost 10,000 hours of pilot plant testing
EnergyX acquired more than 100,000 acres of lithium mining claims near Salar de Punta Negra in 2023. Since then, the company has spent two years advancing the project through exploration, engineering studies and pilot-scale testing.
The company completed a resource report estimating 9.8 million tons of in-situ lithium based on data from 22 exploration wells. It also finished an updated engineering and pre-feasibility study evaluating the project’s design, economics and commercial potential.
Meanwhile, EnergyX completed nearly 10,000 hours of pilot plant testing using lithium-rich brines from the site. The company also commissioned a demonstration plant capable of producing about 170 metric tons annually.
EnergyX said those development efforts confirmed its proprietary GET Lit direct lithium extraction and refining platform could deliver lower capital and operating costs than comparable large-scale lithium projects.
Additionally, chief executive Teague Egan said Eni’s investment validates both the Black Giant project and the company’s extraction technology after several years of development. He said EnergyX believes Black Giant could become the world’s largest direct lithium extraction operation while demonstrating that the technology can succeed at commercial scale.
The announcement follows several recent expansion moves by the privately held company. Last month, EnergyX partnered with Wildcat Discovery Technologies to develop a battery manufacturing hub in Texas. It also announced a planned Utah venture with Compass Minerals (NYSE: CMP) two months ago and launched its first U.S. direct lithium extraction plant in Texas four months ago.
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