Eni Invests $225M in EnergyX’s Chile Lithium Project
Italian energy giant Eni is investing $225 million in Energy Exploration Technologies’ (EnergyX) Project Black Giant in northern Chile, giving the U.S. lithium startup significant backing as it works to scale its direct lithium extraction technology globally.
The deal adds momentum for EnergyX as the company advances major lithium plans in the Smackover Formation in Arkansas and northeast Texas.
The Details
In a news release, EnergyX said Eni is acquiring a minority stake in Black Giant, designed to produce as much as 52,500 metric tons of lithium carbonate annually through its first two phases.
The Wall Street Journal reports that Eni is buying a 25% project stake and gaining rights to as much as one-quarter of future production. That lithium could help supply a large battery plant Eni is developing in southern Italy, the Journal reported.
The equity investment supplements a $690 million debt-financing letter of interest from the U.S. Export-Import Bank. EnergyX estimates Black Giant’s total capital cost at just under $1 billion.
“Partnering with Eni on this strategic investment marks a defining moment for EnergyX,” founder and CEO Teague Egan said in the company’s news release.
Closer to Home
The move comes as EnergyX is assembling a major Smackover Formation position through its Project Lonestar.
The company agreed last year to acquire about 35,000 gross acres of lithium brine holdings in South Arkansas from Pantera Lithium, bringing its regional position to nearly 50,000 acres across Arkansas and Texas.
EnergyX is planning a lithium refinery near Texarkana at TexAmericas Center, with a long-term target of producing 50,000 metric tons of lithium hydroxide annually by 2030.
More: Read more about the investment from EnergyX’s news release and the Wall Street Journal.
Plus: Watch Egan’s “GET-Lit” address at the 2026 Fastmarkets Lithium Supply & Battery Raw Materials Conference.
