EnergyX Raises $20 Million in Funding, CEO Teague Egan Shares Future Plans

The quest for sustainable energy is tackled by many energy exploration companies. Their primary goal is to find cleaner sources to help the planet cope with devastating environmental threats. Since its founding in 2018, EnergyX, led by CEO Teague Egan, has been committed to creating a positive impact on the planet by changing the way humanity powers the world through clean and direct lithium extraction technologies. Recently raising $20 million in funding, the company aims to create more patents for the advancement of lithium extraction technology.

Besides acquiring substantial funding, EnergyX also eyes a partnership in a pilot program with Orocobre Limited (ASX: ORE), which recently announced a $4 billion merger with Galaxy Resources to create the third largest lithium producer in the world. The partnership aims to deliver comprehensive high-quality solutions that will lead to a cleaner and more efficient lithium extraction process. Together with Orocobre, EnergyX wants to deploy its pilots and add more to the 23 patents the company currently has.

“The approach and company culture is quite unique. Despite the importance of the mining industry, the sector has a very old-school way of doing things. We are weaving innovation into the mix with a fresh approach by injecting new ideas and an outsider’s perspective. We disregard old age assumptions for how mining ‘has always been done’ and instill a ‘first principles’ mindset to break processes and systems down to the basics. This mantra also holds true with the business development and promotional side of the company. We use high-level marketing campaigns including crowd-investment and influencer marketing,” shared the CEO. “I think this makes EnergyX as a company stand out as nobody has really been using these tools in this industry before,” Egan added.

Egan became motivated to build EnergyX after a life-changing sabbatical experience in South America and across the Salar de Uyuni in the mountains of Bolivia. He came to learn of the world’s largest salt flat spanning at over 4,000 square miles, as well as the largest lithium reserve held in the salt brines below. “This area forms part of a larger area known as the Lithium Triangle, where up to 75% of the entire world’s lithium is captured in this small area between Chile, Argentina, and Bolivia. When I realized this area is primarily untapped, I saw a massive opportunity, and EnergyX was born,” Egan recalled.

EnergyX believes that innovations in sustainable lithium extraction methods and solid-state battery energy storage systems are the future of the industry. Global warming is continually on the rise, placing countries in a state of crisis. The world has become heavily reliant on energy. Modern life demands a steady supply of energy for various industries to run efficiently. Hence, the demand for innovative solutions is also high. There is a tremendous pressure in the energy materials sector to provide society with a viable alternative to fossil fuels and other unrenewable sources of energy.

Recognizing the problem, governments, and private entities have all come together to find answers. Three years later, such organizations, including the Department of Defense and the Department of Energy, recognized the potential of lithium, placing it among the List of Critical Elements 2018. By introducing lithium to the energy storage ecosystem, EnergyX aims to eliminate gigatons of CO2 emissions, which reach approximately 650 million tons annually derived from volcanic activities and 29 billion tons from human activities. The current and rapid deterioration of the atmosphere makes it even more pressing for lithium to reach its maximum potential.

“Lithium demand is already high and is growing year on year. Over the next 10-20 years, lithium will be the most important natural resource in the world,” shared Egan. “As our society transitions to a fully sustainable future, EnergyX will tackle the hardest problems for the production of lithium and many aspects of energy storage,” he added.

In EnergyX’s ten-year master plan, Egan and his team aim to build an efficient lithium production technology, utilize funding to create longer-lasting battery technologies, open a larger research facility focused on renewable energy transition, and strategically integrate the batteries and battery materials in manufacturing and other industries.

To learn more about EnergyX and Teague Egan, visit their website.


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