Italian energy giant Eni has committed a $225 million strategic investment into EnergyX's Black Giant lithium project in Chile, securing rights to approximately 25% of the project's future lithium production. The agreement, announced on July 6, 2026, involves Eni acquiring a minority stake in Black Giant SpA, EnergyX's Chilean subsidiary, and marks a significant step in Eni's strategy to diversify its supply chains into critical minerals. The investment aims to advance the development of one of the world's largest lithium resource projects, located near the Salar de Punta Negra in Chile's Antofagasta region.
EnergyX, a U.S.-based energy technology company founded by Teague Egan in 2018, is developing innovative proprietary technologies for more efficient lithium production. The Black Giant project will utilize EnergyX's GET-Lit™ Direct Lithium Extraction (DLE) technology, designed as a closed-loop system to minimize environmental impact by fully reinjecting brine. This approach contrasts with conventional lithium production methods that rely on evaporation ponds, offering a more sustainable extraction process.
The Black Giant project is slated to achieve a planned capacity of 52,500 metric tons of lithium carbonate equivalent (LCE) per year across two phases. The first phase is expected to commence production of 7,500 tpa by 2028, with an additional 45,000 tpa anticipated by 2030. "Partnering with Eni on this strategic investment marks a defining moment for EnergyX," said Teague Egan, Founder, Chairman, and CEO of EnergyX, highlighting the validation of the project and the DLE technology.
Eni's investment extends beyond capital, as the company will also provide technical collaboration and upstream development expertise, leveraging its global energy infrastructure capabilities. This support is crucial for accelerating the project's development timelines and commercialization efforts. According to Eni, this transaction aligns with its broader objective to strengthen its entry into the critical minerals value chain and support its Gigafactory initiative for producing stationary lithium batteries in Brindisi, Italy.
The total capital expenditure for the Black Giant project is estimated to be just under $1 billion. Once fully operational, the project is projected to generate approximately $1.3 billion in annual gross revenue, based on lithium prices of $25,000 per metric ton as of May 2026. This substantial investment underscores the increasing global demand for lithium, a critical component in electric vehicle batteries and renewable energy storage solutions.
