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EnergyX Valuation, Funding & Investors
EnergyX is valued at $475M as of October 2024.
Last EnergyX valuation
$475M
Pre-seed · Oct 2024
Last EnergyX funding round
$75M
Pre-seed · Oct 2024
Cumulative funding EnergyX raised
$650M
across 7 funding rounds
Key investors in EnergyX
IMM Investment
The Global Emerging Markets Group
K20 Fund
General Motors
Mirza Canada
Helios Capital
About EnergyX
EnergyX is a Fort Lauderdale-headquartered cleantech firm founded in 2018 that extracts lithium from brines using direct lithium extraction technology. The company processes salar brines to produce battery-grade lithium carbonate with higher recovery rates and lower environmental impact than traditional evaporation ponds.
Founded
2018
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$475M (Oct 2024)
EnergyX Valuation
EnergyX is currently valued at $475M, based on its pre-seed round in October 2024.
EnergyX's valuation has grown 1.5x from $313M at its pre-seed round in April 2021 to $475M in October 2024, across 4 priced rounds.
EnergyX valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Oct 2024 | Pre-seed | $475M |
| Oct 2023 | Series B | $403M |
| May 2021 | Series A | $103M |
| Apr 2021 | Pre-seed | $313M |
EnergyX Funding History
EnergyX has raised a total of $650M across 7 funding rounds.
EnergyX's first fundraising round was a $2M pre-seed round in November 2020. The most recent completed round was a $75M pre-seed round in October 2024.
EnergyX funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2024 | Pre-seed | - | $75M | $475M | EnergyX is a lithium extraction startup developing direct lithium extraction (DLE) technology to produce lithium for electric vehicle batteries from underground briny water in emerging markets and the United States. The company is backed by major institutional investors including General Motors Ventures, POSCO, Eni Next, and the U.S. Department of Energy, and has acquired over 100,000 acres of lithium mining rights in Chile plus 12,500 acres of mineral rights in Texas for a planned mega-production facility called Project Lonestar. In October 2024, EnergyX successfully closed a $75 million Regulation A+ offering to retail investors at a post-money valuation of $475 million, representing the maximum annual capital raise allowed under SEC Regulation A. This retail round brought EnergyX's total equity funding to approximately $140 million, with an additional $450 million equity commitment from Global Emerging Markets Group (GEM) upon a future IPO, structured as a PIPE that will provide capital over 36 months following the company's public listing. EnergyX has raised over $88 million total from retail investors across multiple Regulation A and crowdfunding campaigns since 2021, while also securing over $90 million from traditional venture investors. CEO Teague Egan emphasized that the company requires achieving substantial positive EBITDA before pursuing a public listing, and the company was the only direct lithium extraction firm to test its technology on Bolivia's lithium-rich Salar de Uyuni brines in 2024. |
| Oct 2023 | Series B | POSCO Holdings (lead); IMM Investment; 4 Pillars Investments; Elohim Partners | $50M | $403M | EnergyX is a U.S.-based lithium technology startup developing direct lithium extraction (DLE) technology and solid-state battery systems to enable more efficient and sustainable lithium production for electric vehicles and energy storage. The company focuses on innovative extraction methods that could surpass traditional brine evaporation techniques, positioning it at the forefront of the green energy transition amid rising global lithium demand. In 2023, EnergyX conducted a $50 million Series B funding round initially led by General Motors, with subsequent participation from a Posco-led consortium including Elohim Partners, IMM Investment Global, and Posco Holdings, aligning with the approximate October 15, 2023 date. Posco, a major South Korean conglomerate in steel, batteries, and lithium with a full value chain from resource exploration to cathode manufacturing, invested through these funds to support EnergyX's commercialization efforts and potential future joint lithium projects. Post-round, EnergyX pursued retail funding via a $75 million Regulation A offering launched in October 2023 and closed in 2024, elevating total equity funding to about $140 million. Strategic backers include General Motors, Eni Next, and Posco, with nearly 40,000 retail investors. Developments include a Texas Lithium Hydroxide Facility, DLE rollout, Goldman Sachs advisory engagement, and a $690 million U.S. EXIM Bank letter of interest for the Black Giant project in Chile. |
| Apr 2023 | Series B | General Motors (lead) | $50M | - | EnergyX is a U.S.-based startup developing direct lithium extraction (DLE) and refinery technology to produce lithium more efficiently and sustainably from brine resources, targeting the EV battery supply chain. On April 11, 2023, GM Ventures led a $50 million Series B financing round in EnergyX, combined with a strategic agreement to commercialize the technology, provide GM exclusive access to lithium offtakes from North and South American mining partners, and fund additional lithium production projects. The investment supports scaling demonstration plants, R&D for pure lithium metal anodes, and the solid-state lithium metal battery program SoLiS, while building a 40,000-square-foot facility in Austin, Texas, and growing headcount from over 50 to 100 employees. The collaboration aims to unlock North American lithium supplies critical for GM's expanding EV production, positioning EnergyX as a leader in DLE technology that uses minimal water, no heavy metals or chemical additives, unlike traditional evaporation ponds. GM views this as key to securing sustainable, cost-competitive critical minerals, following its earlier $650 million investment in Lithium Americas' Thacker Pass mine. EnergyX plans to deploy systems at five regional test beds after a successful pilot, advancing toward full commercialization. |
| Jul 2022 | Undisclosed stage | The Global Emerging Markets Group (lead); K20 Fund | $450M | - | Energy Exploration Technologies Inc. (EnergyX) announced a $450 million funding commitment from Global Emerging Markets (GEM) in July 2022. The capital agreement was structured as a tailored facility with no minimum subscription obligation, under which EnergyX would control the timing and amount of drawdowns and issue shares of common stock over a 36-month period following a public listing. GEM, a $3.4 billion alternative investment firm founded in 1991 with offices in Paris, New York, and the Bahamas, positioned the investment as confidence in EnergyX's patent portfolio, innovative direct lithium extraction technology, and global reach into emerging markets. EnergyX is developing direct lithium extraction and refinery technologies to become the market leader in the space, with a historic pilot extraction program in Bolivia and material science patents based in Austin, Texas. The company's technology aims to maximize lithium recovery and asset utilization in an environmentally and socially conscious manner. As of the announcement, EnergyX had secured major strategic backing from General Motors, POSCO, and the U.S. Department of Energy, with GM having led the company's Series B round and holding offtake rights for lithium supply to support EV production targets of 400,000 tons of lithium annually by 2035. |
| May 2021 | Series A | The University of Texas at Austin; Helios Capital | $20M | $103M | EnergyX, based in Austin, Texas, develops technologies for sustainable direct lithium extraction (DLE) from brine and solid-state battery energy storage systems, positioning itself as a leader in cleaner lithium production amid the EV battery supply chain shift. In early 2021, the company secured $20 million in Series A funding commitments from investors including Helios Capital, Obsidian Acquisition Partners, and the University of Texas, announced publicly on May 7, 2021. This round, which included the specified investors matching the query's Helios Capital and University of Texas at Austin, positioned EnergyX as the highest valued DLE technology company at the time, with a post-money valuation of $103.32 million and a price per share of $0.82 as reported for the May 11, 2021, tranche totaling $8.68 million. The funding supports EnergyX's mission to revolutionize lithium extraction with higher efficiency, lower costs, and reduced environmental impact compared to traditional methods, likened by investors to fracking's impact on oil. Prior to this, EnergyX had raised $9.7 million with over 1,200 investors and held a landmark 2019 licensing deal with the University of Texas for intellectual property on Metal Organic Frameworks and Mixed Matrix Membranes, including sponsored research for solid-state batteries in John Goodenough's lab. CEO Teague Egan emphasized the company's role at the epicenter of battery material innovations. Later developments include Regulation A raises in 2021 at $8 per share and valuation uplifts to $11 per share in 2025 driven by lithium price rebounds, DLE advancements, a Texas Lithium Hydroxide Facility, and engagements with Goldman Sachs and EXIM Bank for projects like Black Giant in Chile targeting 52,500 tonnes per annum of lithium carbonate by 2027 with low CapEx of $12,500/tpa. |
| Apr 2021 | Pre-seed | Mirza Canada | $3M | $313M | EnergyX is a U.S.-based technology company focused on direct lithium extraction (DLE) technology and solid-state battery energy storage systems to support sustainable energy transitions. In April 2021, EnergyX completed a Preferred Series A funding round, issuing 3,407,142 shares for $5,565,000 at a price of $1.63 per share under Reg D, Rule 506(b). Investors in EnergyX funding rounds include Mirza Canada alongside Global Emerging Markets, GM Ventures, Helios Capital, The University of Texas at Austin, Eloim Partners, IMM Investment Global, and Posco. |
| Nov 2020 | Pre-seed | Knockout Capital | $2M | - | - |
Who has invested in EnergyX?
11 investors have backed EnergyX across its funding rounds, including IMM Investment, The Global Emerging Markets Group, K20 Fund, General Motors, Mirza Canada and Helios Capital.
Lead investors include POSCO Holdings, General Motors and The Global Emerging Markets Group.
EnergyX Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Lead | Oct 2023 | ||
| 1 | Participant | May 2021 | ||
| 1 | Participant | May 2021 | ||
| 1 | Participant | Oct 2023 | ||
| 1 | Participant | Jul 2022 | ||
| 1 | Participant | Apr 2021 | ||
| 1 | Participant | Nov 2020 | ||
| 1 | Participant | Oct 2023 | ||
| 1 | Participant | Oct 2023 | ||
This data is available for Pro users. Sign up to see all 11 EnergyX investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialEnergyX Competitors
EnergyX competitors include listed companies like Hansen Technologies and Aduro Clean Technologies, and private ones like BioElements, NextChem, Solugen and Absolute.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $6M | - | $200M | 33.3x | ||
| Private | $569M | $141M | $1.4B | 2.5x | ||
| Private | $12M | - | $2B | - | ||
| Publicly listed | $275M | $52M | $491M | 1.9x | ||
| Private | $210M | - | $500M | 2.4x | ||
| Publicly listed | $120K | ($19M) | $451M | 3228.7x |
EnergyX Public Comps
EnergyX is still privately-owned, but its public comps include Valhi, Creta Plastics, Hansen Technologies, Alujain, Kalyon Güneş Teknolojileri, ASP Isotopes, AdvanSix, Aduro Clean Technologies, NYAB and Chrysos Corp..
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.1B | $64M | 0.6x | 0.6x | 19.1x | - | |||
| $452M | $72M | 0.7x | - | 4.7x | - | |||
| $275M | $52M | 1.9x | 1.9x | 9.8x | 6.3x | |||
| $347M | ($296M) | 2.2x | 1.8x | (2.6x) | 8.3x | |||
| - | - | - | - | - | - | |||
| $24M | ($164M) | 21.9x | 21.0x | (3.2x) | (9.2x) | |||
| $1.5B | $143M | 0.6x | 0.5x | 6.1x | 7.6x | |||
| $120K | ($19M) | 3534.2x | 3228.7x | (22.6x) | (52.6x) | |||
This data is available for Pro users. Sign up to see all EnergyX competitors and their valuation data. Start Free Trial | ||||||||
Common questions about EnergyX
| When was EnergyX founded? | EnergyX was founded in 2018. |
| Where is EnergyX headquartered? | EnergyX is headquartered in Fort Lauderdale, FL, United States. |
| Is EnergyX publicly listed? | No, EnergyX is a private, VC-backed company. |
| What is EnergyX's valuation? | EnergyX was last valued at $475M in its pre-seed round in October 2024. |
| How much funding has EnergyX raised? | EnergyX has raised $650M across 7 funding rounds. |
| What was EnergyX's last funding round? | EnergyX's last funding round was a $75M pre-seed round in October 2024. |
| Who are EnergyX's investors? | EnergyX's investors include POSCO Holdings, The University of Texas at Austin, Helios Capital, IMM Investment, K20 Fund, Mirza Canada, Knockout Capital, 4 Pillars Investments, Elohim Partners, General Motors and 1 other. |
| Which companies are comparable to EnergyX? | Companies comparable to EnergyX include BioElements, NextChem, Solugen, Hansen Technologies, Absolute and Aduro Clean Technologies. |
See companies similar to EnergyX
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