Italy’s Eni Invests $225 Million in U.S. Startup EnergyX’s Chile Lithium Project

Eni, an Italian energy company, has secured exclusive lithium offtake rights for EnergyX's Project Black Giant in Chile by committing $225 million in project financing. This investment represents a significant step for Project Black Giant, which is poised to become one of the world's largest direct lithium extraction (DLE) projects. The project, located in the Antofagasta Region, targets an annual production capacity of 52,500 tonnes of battery-grade lithium carbonate.

Project Black Giant, estimated to cost $1.1 billion initially, has attracted substantial financial interest. The U.S. Export-Import Bank (EXIM) previously issued a letter of interest for $690 million in debt financing, underscoring investor confidence in EnergyX's patented LITAS technology. This technology, utilizing membranes, solvents, and adsorbents, is expected to offer a more sustainable alternative to traditional evaporation-based methods, saving 95.5% of water and operating solely on renewable energy.

EnergyX has engaged Goldman Sachs as a financial advisor to secure strategic partners for the project. The company presented a pre-feasibility study (PFS) in September 2025 that validated the project's technical and economic viability, positioning it among the lowest-cost lithium producers globally. Long-term expansion plans could bring total investment in Chile to $5 billion over the next decade, with EnergyX aiming to meet the rising demand for lithium driven by electric vehicles and other advanced technologies. Other notable investors in EnergyX include GM Ventures and POSCO.

This partnership with Eni is crucial for advancing Project Black Giant towards commercial operation. EnergyX anticipates a targeted start of commercial production for the first phase of the project by 2027. The company's overall strategy includes developing another large-scale DLE project in the U.S., specifically in the Smackover hydrocarbon formation, and building a "Battery Mecca" facility near Texarkana to demonstrate its proprietary DLE technology and generate product samples.