Posted on 18 Oct 2023
A consortium led by South Korean conglomerate Posco Holdings is investing in lithium technology startup EnergyX, according to Bloomberg.
Neither Posco nor EnergyX has responded to Kallanish's request to confirm the news.
According to the report, as the deal requires, Posco will invest through funds of South Korean investors Elohim Partners and IMM Investment Global in EnergyX's $50 million Series B funding round. Posco will also work with EnergyX to commercialise application of its technology.
Currently, EnergyX is constructing a demonstration plant in northern Argentina's Salta Province. This plant uses direct lithium extraction (DLE) technologies. Posco will test EnergyX's DLE technology as it considers whether to license it.
The location of this DLE demonstration plant is next to Posco's Sal de Oro project, an integral lithium project which is in advanced exploration stage. Posco expects to have its commercial plant completed by the end of 2023.
Elohim's ceo Jaeho Rhee said: "In a world where lithium is of the utmost importance, we expect EnergyX to thrive in the lithium extraction market."
The DLE technology is said to be cheaper and more efficient than the traditional brine evaporation method.
Source:Kallanish
