GM-backed EnergyX acquires lithium-rich acreage in US

EnergyX, backed by General Motors, acquires 35,000 acres in the U.S. Smackover formation for lithium mining. Chevron and other major companies have also invested in the region, estimated to hold over 4 million metric tons of lithium, crucial for electric vehicle production.

The deal with Pantera Lithium includes $6 million in cash and 2.3 million shares in EnergyX, valuing the agreement at A$40 million. EnergyX plans to produce 12,500 metric tons of lithium annually by 2028, with GM having first rights to buy the metal.

EnergyX aims to be a leader in lithium production, using cutting-edge direct lithium extraction technology. The company is in a race with competitors to be the first to produce commercial battery-grade lithium, a crucial component for electric vehicles and electronics. Arkansas officials will need to approve a lithium royalty rate for EnergyX.

Read more at Yahoo Finance: GM-backed EnergyX buys lithium-rich acreage in US Smackover formation