Eni invests $225M in EnergyX lithium project

Italian energy company Eni has made a $225 million strategic equity investment in Energy Exploration Technologies's Black Giant lithium project in Chile's Antofagasta Region, acquiring a minority stake and rights to up to 25% of future lithium production. The project, which uses Energy Exploration Technologies's proprietary direct lithium extraction technology, targets 52,500 tons per annum of lithium carbonate across two phases, with first production expected in 2028. Eni will also provide technical collaboration and a board seat. The investment builds on Eni — Eni Next's earlier participation in Energy Exploration Technologies's Series B round. Total project funding is estimated at nearly $1 billion, including a $690 million letter of intent from the U.S. Export-Import Bank. Energy Exploration Technologies estimates the project could generate $1.3 billion in annual revenue at current lithium prices.