Italian energy company Eni has agreed to invest $225 million (approximately €207 million) in a phased transaction to acquire a 25% stake in Black Giant SpA, the Chilean subsidiary of US-based lithium technology startup EnergyX, securing rights to up to a quarter of future lithium production from the project, as reported by The Wall Street Journal.

Project Black Giant is located in northern Chile near the Salar de Punta Negra in the Antofagasta Region, across more than 100,000 acres of mining tenements acquired by EnergyX in November 2023. EnergyX will deploy its proprietary GET-Lit Direct Lithium Extraction technology at the site, designed as a closed-loop system with full reinjection of brine to reduce environmental impact compared with conventional evaporation pond methods.

The project is planned to produce up to 52,500 metric tons of lithium carbonate per year across its first two phases, with total capital expenditure estimated at just below $1 billion (approximately €919 million) including financing costs. Once fully operational across the first two phases, the project is expected to generate approximately $1.3 billion (approximately €1.2 billion) in annual gross revenue based on lithium prices of $25,000 per metric tonne as of May 2026.

Eni's investment complements a $690 million (approximately €634 million) letter of intent from the US Export-Import Bank to provide debt financing for Project Black Giant. Goldman Sachs & Co LLC advised EnergyX in the transaction. EnergyX's existing institutional backers include General Motors and South Korean steelmaker POSCO.

The secured lithium supply is expected to feed Eni's planned gigafactory in Brindisi, southern Italy, developed through a joint venture with Seri Industrial and targeting production of over 8 gigawatt-hours of lithium-iron-phosphate batteries annually, with the aim of capturing more than 10% of the European stationary battery market.

Teague Egan, founder, chairman, and CEO of EnergyX, said: "Partnering with Eni on this strategic investment marks a defining moment for EnergyX. 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. 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."

The project still requires a special state permit known as a CEOL, as well as environmental approval, which EnergyX aims to have in place by mid-2027.