Posco-Backed Group Invests in Lithium Technology Startup EnergyX
- ByStartupStory | October 17, 2023
A consortium led by South Korean conglomerate Posco Holdings is making an investment in the lithium technology startup EnergyX, as it explores more efficient methods for lithium production to support the global green energy transition. The increasing drive to electrify the global economy has prompted the search for stable lithium supplies, emphasizing unproven direct lithium extraction (DLE) technologies developed by EnergyX and its peers.
Successful DLE technologies have the potential to produce battery-grade lithium more rapidly and cost-effectively than traditional methods involving evaporation ponds from brine deposits found worldwide, including northern Argentina, where Posco is working on the Sal de Oro lithium project.
Under the agreement, South Korea’s Elohim Partners and IMM Investment Global will participate in EnergyX’s $50 million Series B funding round. Posco, which invests through these funds, will collaborate with EnergyX to facilitate the commercial production of its technology.
“In a world where lithium is of the utmost importance, we expect EnergyX to thrive in the lithium extraction market,” stated Jaeho Rhee, Elohim’s CEO.
The companies did not disclose the specific portion of the EnergyX Series B funding allocated to the consortium.
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Furthermore, Posco will have the option to invest in other lithium projects developed by EnergyX, with the investment size proportionate to its stake in the privately held startup.
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