WSJ: Energy Titan will invest up to $225M in this startup
Eni – one of the largest energy companies on Earth, with operations in 62 countries – just agreed to invest $225 million in equity into a private U.S. lithium company's South American project. Not a loan. Not a letter of intent. Cash equity for a minority stake.
The project is called Black Giant™. It sits on over 100,000 acres of lithium-rich land in Chile, with up to 9.8 million tons of verified lithium confirmed. Engineering work with Worley – a world-class global firm – confirmed industry-lowest production costs at under $3,000 per ton, in a market where lithium trades at $25,000 per ton.
Under $3,000 to produce something the market pays $25,000 for!
At full production – 52,500 tons of lithium carbonate per year – Black Giant™ is projected to generate approximately $1.3 billion in annual gross revenue. And Eni secured the right to purchase 25% of all lithium produced. Goldman Sachs advised the transaction. The U.S. EXIM Bank has issued a $690 million letter of intent for project debt financing.
And Eni wasn't the first to write a check. General Motors led a $50 million investment. And the U.S. Department of Energy awarded them a $5m grant.
But… Project Black Giant is only their South American asset.
On U.S. soil, this company has already commissioned Project Lonestar… a $30 million extraction plant in Texarkana, Texas. It’s a 22,000-square-foot facility built on one of the largest industrial parks in the country, now producing battery-grade lithium from local Smackover brine.
Senator Ted Cruz called it a milestone for U.S. energy security and defense readiness. At full commercial scale: 50,000 tons per year, projecting another $1 billion in annual revenue.
Two continents. Two major producing assets. 150-plus patents. $1.3 billion projected from Chile. $1 billion projected from Texas. Goldman Sachs advising. Eni, GM, POSCO, and the U.S. government all backing the same company.
This seems like a no brainer…
Invest alongside Eni, GM, and Goldman Sachs – before this round closes.
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