Vulcan Energy secures near $922m debt commitment for Lionheart project financing
Lionheart is a major lithium and renewable energy initiative located in the Upper Rhine Valley brine field.
Privately-held Energy Exploration Technologies (EnergyX) announced Thursday it will open a new 40,000-square-foot production facility in Austin, Texas, after securing an additional $50 million funding for the development of lithium extraction and next-generation solid-state battery technologies.
Founded in 2018 by entrepreneur Teague Egan, the company initially developed its proprietary direct lithium extraction (DLE) technology, LiTAS, which it said has evolved into a suite of technologies enabling complete an end-to-end extraction and refinery process to produce battery grade lithium materials.
In 2023, the company began acquiring its own lithium mines following what it said were strong pilot plant results in North and South America.
The company said its technology can recover 300% more lithium than conventional methods. Traditional extraction typically yields 30% to 40% of lithium from brine, while EnergyX said its DLE achieves a +90% extraction rate.
The technology has raised over $110 million in total funding, backed by investors including General Motors, Eni and POSCO.
With two Tier 1 projects underway, Black Giant in Chile is estimated to produce 40,000 tonnes of lithium per year, while Project Lonestar in the US is estimated at 25,000 tonnes.
The company said the new mixed-use facility in Austin will house EnergyX’s innovation lab, global operations controls, DLE production and warehouse.
