Energy Exploration Technologies (EnergyX), a U.S.-based energy technology company focused on lithium production and critical mineral supply chain infrastructure, has secured a $225 million strategic investment from Italian energy company Eni.

The investment is for a minority stake in Project Black Giant, a lithium resource project in the Antofagasta region of northern Chile.

Under the binding investment agreements, Eni will receive rights to approximately 25% of the project’s future lithium production.

According to EnergyX, Project Black Giant is designed to produce up to 52,500 metric tons of lithium carbonate annually across its first two development phases. The company said the project also has the potential to expand in future phases.

The investment follows EnergyX’s acquisition of more than 100,000 acres of mining tenements in the Domeyko Range, near Salar de Punta Negra, in Chile’s Antofagasta region, in November 2023.

Clara Andreoletti, CEO at Eni Next, said, “We continue to support EnergyX with this important investment into the Black Giant lithium project. Eni Next has been a shareholder of EnergyX for nearly 4 years now, since the early days of exploration. This larger investment into EnergyX by our corporate parent showcases successful portfolio incubation and deal flow by the corporate venture capital arm.”

This investment supports the advancement of previously announced financing initiatives, including a $690 million Letter of Intent from the U.S. EXIM Bank to provide all the debt financing needed for the project. Goldman Sachs & Co advised EnergyX in the transaction.

VC funding raised by Energy Storage companies in Q1 2026 increased 9% YoY, with $1.2 billion in 26 deals compared to $1.1 billion in 18 deals in Q1 2025, and a 44% increase in deal count, according to Mercom’s Q1 2026 Funding and M&A report for Energy Storage.

In September 2025, Cornish Lithium, a U.K.-based mineral exploration and development company, raised £35 million (~$47 million) in equity funding from its existing institutional investors. The round, led by the National Wealth Fund with an investment of up to ~$41.7 million, also includes a ~$5.4 million contribution from TechMet.