Energy Exploration Technologies Inc. announced that Eni will make a $225 million investment for a minority equity position in Project Black Giant, a lithium resource project located in the Antofagasta region of Chile.
The development is planned to deliver up to 52,500 metric tons per year of lithium carbonate across its initial two phases. EnergyX says those phases would position the company among the world’s larger lithium producers if realized.
Deal structure and production rights
Under binding investment agreements, Eni will obtain rights to approximately 25% of future lithium output from the project. EnergyX has also secured additional strategic offtake arrangements tied to later production, though the specific counterparties and volumes for those agreements were not detailed in the information released.
Total capital expenditure for Project Black Giant is estimated to be just under $1 billion, inclusive of financing costs. Based on a lithium price of $25,000 per metric ton as of May 2026, EnergyX estimates the first two phases in full operation would generate about $1.3 billion in annual gross revenue.
Technical support and prior relationship
The $225 million investment builds on an earlier participation by Eni’s corporate venture arm, Eni Next, which joined EnergyX’s $50 million Series B financing in December 2022. In addition to capital, Eni will contribute technical collaboration and upstream development expertise aimed at accelerating the project’s development timetable.
EnergyX acquired the mining tenements for Project Black Giant - more than 100,000 acres in the Domeyko Range near Salar de Punta Negra - in November 2023. Since that acquisition, EnergyX has completed an upstream resource report estimating in-situ lithium at 9.8 million tons, carried out an updated engineering and pre-feasibility study, executed nearly 10,000 hours of pilot plant operations, and commissioned a 170 tons-per-annum demonstration plant.
Technology and unit costs
Development work reported by EnergyX indicates the company’s GET Lit direct lithium extraction and refining platform achieves industry-low capital expenditure and operating expenditure metrics. The figures cited are $14,500 per ton for capex and $2,944 per ton for opex.
"Partnering with Eni on this strategic investment marks a defining moment for EnergyX," said Teague Egan, founder, chairman, and CEO of EnergyX. "After years of intense work and focus, this vote of confidence from Eni not only validates the impact of Project Black Giant, but also the strength of EnergyX’s GET-Lit DLE technology platform."
Financing context and partners
The investment is intended to support previously announced financing initiatives. Those include a $690 million letter of intent from the U.S. EXIM Bank to provide debt financing for Project Black Giant. Goldman Sachs & Co LLC served as adviser to EnergyX on the transaction.
EnergyX lists a number of institutional backers and strategic partners, including General Motors and POSCO. The company, founded by Teague Egan in 2018, focuses on lithium production and critical mineral supply chain infrastructure.
Outlook and limits of the information provided
The announcement provides financial and technical metrics tied to Project Black Giant and describes the roles Eni will play as investor and technical partner. It does not specify schedules for the start of commercial production beyond the statement of the first two phases’ target output, nor does it disclose the precise timing for when the estimated annual gross revenue would be achieved. The investment and stated development progress reflect material steps in project advancement, while financing remains subject to completion of the outlined funding arrangements.