Key Takeaways:
- Eni invested $225 million in US startup EnergyX
- The deal secures rights to up to 25% of future lithium output
- The Black Giant project is located in Chile's Atacama region
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Eni invests $225 million in EnergyX lithium project for 25% output
Eni invested $225 million in EnergyX, a US lithium startup, securing rights to up to 25% of future production from the Black Giant project in Chile.
"The investment secures Eni direct access to one of the world's most strategic battery-metal deposits," a spokesperson for the Italian energy company said.
EnergyX is developing the Black Giant brine project in Chile's Atacama region, one of the largest undeveloped lithium resources in the country. Chile holds the world's largest lithium reserves and is the second-largest producer globally, according to US Geological Survey data.
The deal reflects European energy majors' push to secure critical mineral supply chains as the EV transition drives demand for battery-grade lithium. Eni joins a growing list of oil and gas companies investing directly in lithium extraction to diversify beyond fossil fuels.
This article is for informational purposes only and does not constitute investment advice.
