US-based EnergyX has secured US$225 million of project equity funding for its proposed circa-$1 billion Black Giant lithium venture in Chile’s Antofagasta region, adding Italian energy company Eni’s investment to the $690 million US Export-Import Bank financing commitment announced last year.
EnergyX, also advancing Smackover basin direct lithium extraction (DLE) projects in the US, says Eni is acquiring 25% of Black Giant and getting rights to buy up to 25% of future lithium output.
EnergyX has its own DLE technology, which it naturally says is the best of a growing bunch.
It says Eni’s Black Giant investment provides “significant commercial validation of EnergyX’s direct lithium extraction technology”.
The investment completed funding for the first two stages of the Black Giant project, the company said. Its 2025 prefeasibility study outlined a positive economic case for a project producing 52,500 tonnes per annum lithium carbon equivalent from phase one and two development.
“While the total capital expenditure into the project is estimated just below $1 billion, including financing costs, once the first two phases are fully operational, Black Giant is expected to generate approximately $1.3 billion in annual gross revenue based on current lithium prices of $25,000 per metric tonne as of May 2026,” EnergyX said.
Eni also participated in a $50 million EnergyX private funding round in 2022 through its Eni Next corporate venture capital arm.
“After years of intense work and focus this vote of confidence from Eni not only validates the impact of Project Black Giant but also the strength of EnergyX’s GET-Lit DLE technology platform,” EnergyX CEO and founder Teague Egan said.
“We believe this project will become the world’s largest DLE operation, as well as fundamentally transform the lithium industry by showcasing the viability of breakthrough DLE technology on commercial scale.”
