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Wednesday, Jul 24, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Lithium

EnergyX announces plans for first large-scale North American lithium project

Producing over 25,000 tons of lithium per year at the Lonestar operation is the company’s goal

EnergyX announces plans for first large-scale North American lithium project
EnergyX has a "Lithium Lounge" in Austin, Texas where it hosts podcast recordings, parties, book signings and other events. Photo credit: EnergyX

Puerto Rico’s lithium extraction tech developer EnergyX is now planning to set up its first major North American operation. This will be the company’s second large-scale lithium project, the first of which is in Chile.

Announced last week, Project Lonestar Lithium will be set in the southern United States on a land package extending between Arkansas, Louisiana and Texas. EnergyX aims to have a production capacity of 25,000 tons per annum at the site — five times greater than any other American plant.

“This has been a long time in the making and we still have a long way to go,” Founder Teague Egan said, “but it is crucial that U.S.-based companies focus on developing domestic resources to reduce our reliance on external, offshore suppliers for critical elements like lithium.”

Last year, the United States Department of Energy gave EnergyX a US$5 million grant to help set up a demonstration plant for lithium hydroxide production in Arkansas. This facility will be an integral part of the Lonestar project.

EnergyX has developed a novel method of lithium extraction which utilizes proprietary “Lithium Ion Transport and Separation” (LiTAS) technology. This method can extract the element 300 per cent more efficiently than conventional techniques while using 80 per cent less water, the company says.

The tech developer’s industry innovation has attracted interest from major companies like General Motors (NYSE: GM) and Posco Holdings Inc (KRX: 005490). Michigan’s major automotive company led a US$50 million funding round for EnergyX last year with help from Posco and others.

In addition to Egan’s Black Giant lithium operation in Chile, EnergyX has a lithium demonstration plant in Argentina near Posco’s Sal de Oro operation. Posco has a joint venture with Lithium South Development Corporation (TSX-V: LIS) (OTCQB: LISMF) (Frankfurt: OGPQ) in this area too.

More than 4,600 individual investors have put their dollars into the EnergyX since its founding in 2018.

Read more: Lithium South raises $4M in private placement

Read more: Lithium South expands well installation program at Hombre Muerto North

EnergyX recognized at ‘World Changing Ideas Awards’

Egan’s startup was awarded for its work last month by the American business magazine Fast Company.

The Energy category of the World Changing Ideas Awards recognizes innovation in renewable energy projects and developments in battery technology, among other things.

“EnergyX is disrupting a US$90 billion dollar industry,” Egan said regarding his direct lithium extraction tech, “and having Fast Company not only recognize it but name us in their awards is a testament to all the work we are doing.”

In March, Egan hosted a two-day event at his “Lithium Lounge” in Austin, Texas. It featured a series of podcast recordings and book signings in the midst of a lively party.

 

Lithium South Development Corporation is a sponsor of Mugglehead news coverage 

 

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