Total amount raised
$649.5 Millions
Latest funding date
Location
EnergyX has successfully raised significant funding through multiple rounds, attracting notable investors such as IMM Investment and Posco. The company is dedicated to advancing lithium extraction and battery technology, playing a crucial role in the global transition to sustainable energy.
Keep reading to explore the intricacies of EnergyX's fundraising journey and the investors backing this innovative platform.
What Is EnergyX?
EnergyX, founded in 2018 by Teague Egan, is a clean technology company headquartered in Fort Lauderdale, Florida. The company specializes in optimizing the lithium extraction process, which is essential for producing batteries used in electric vehicles and renewable energy storage.
With a team of 51-100 employees, EnergyX is dedicated to advancing lithium extraction and battery technology. Their innovations aim to address the global lithium supply shortage and improve battery efficiency and safety.
EnergyX's mission is to lead the global transition to sustainable energy through breakthrough technologies in lithium extraction and advanced battery solutions.
How Much Funding Has EnergyX Raised?
- Equity Crowdfunding
- Amount Raised: $1.5M
- Date: November 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To democratize investment opportunities and reduce dependency on traditional VCs.
- Equity Crowdfunding
- Amount Raised: $3M
- Date: April 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue developing lithium extraction technology and expand operations.
- Series A
- Amount Raised: $20M
- Date: May 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale up production and enhance research and development efforts.
- Venture Round
- Amount Raised: $450M
- Date: July 2022
- Lead Investors: The Global Emerging Markets Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate the commercialization of lithium extraction technology.
- Series B
- Amount Raised: $50M
- Date: April 2023
- Lead Investors: General Motors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop battery technology and expand market reach.
- Series B
- Amount Raised: $50M
- Date: October 2023
- Lead Investors: Posco
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance lithium extraction processes and support global expansion.
- Equity Crowdfunding
- Amount Raised: $75M
- Date: October 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To democratize investment and reduce dependency on traditional VCs.
Total Amount Raised: $649.5M. Current Valuation: Not publicly disclosed.
Key Investors
- IMM Investment
- Details: IMM Investment is a South Korean private equity firm that focuses on growth capital and buyout investments. They have a strong presence in the Asian market, particularly in South Korea.
- Investment Focus Areas: Technology, healthcare, consumer goods.
- Notable Investments: Not publicly disclosed.
- Posco
- Details: Posco is a South Korean steel-making company that has diversified into various industries, including lithium mining and battery materials. They are one of the largest steel manufacturers in the world.
- Investment Focus Areas: Steel production, lithium mining, battery materials.
- Notable Investments: Not publicly disclosed.
- General Motors
- Details: General Motors (GM) is an American multinational corporation that designs, manufactures, markets, and distributes vehicles and vehicle parts. GM Ventures is their venture capital arm, focusing on strategic investments.
- Investment Focus Areas: Electric vehicles, autonomous driving, renewable energy.
- Notable Investments: Cruise, Rivian, SolidEnergy Systems.
- The Global Emerging Markets Group
- Details: The Global Emerging Markets Group (GEM) is a private investment group that manages a diverse set of investment vehicles focused on emerging markets. They provide growth capital to companies in various sectors.
- Investment Focus Areas: Technology, healthcare, renewable energy.
- Notable Investments: Not publicly disclosed.
- Eni Next
- Details: Eni Next is the corporate venture capital arm of Eni, an Italian multinational oil and gas company. They invest in innovative technologies that can complement Eni's core business.
- Investment Focus Areas: Energy, technology, sustainability.
- Notable Investments: Not publicly disclosed.
What's Next for EnergyX?
EnergyX is poised to capitalize on the burgeoning demand for lithium, essential for electric vehicle batteries. With plans to sell direct lithium extraction (DLE) equipment to industry giants like Posco and ExxonMobil, and to extract lithium directly, the company is tapping into a market with multi-billion-dollar potential. Their leases in Chile and Texas further solidify their growth prospects.
Future fundraising looks promising, with a Series C round on the horizon and a $450 million PIPE deal with Global Emerging Markets, setting the stage for a potential IPO. However, challenges such as long sales cycles for DLE equipment and the risks associated with Regulation A offerings could pose hurdles. Achieving substantial, positive EBITDA will be crucial for their long-term success.
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