Eni will invest $225 million in EnergyX’s Chilean Black Giant lithium project, securing sustainable lithium supply and supporting future battery manufacturing.
Eni has announced a strategic investment in the rapidly growing lithium sector by signing an agreement to acquire a 25% equity stake in Black Giant SpA, the Chilean subsidiary of U.S.-based technology company EnergyX. The investment marks another significant step in Eni’s long-term strategy to strengthen its presence in the critical minerals value chain while supporting the global energy transition. Under the agreement, Eni will make a phased investment totaling $225 million to help advance the development of the Black Giant lithium project, located in northern Chile near the Salar de Punta Negra, one of the country's promising lithium-bearing regions.
Black Giant SpA is a wholly owned subsidiary of EnergyX, an innovative energy technology company focused on transforming lithium extraction through advanced processes. Eni already maintains a minority interest in EnergyX through Eni Next, the company's corporate venture capital arm, making this latest investment a natural extension of the existing partnership. The collaboration reflects the confidence both companies have in developing more sustainable and efficient methods for producing lithium, a critical raw material used extensively in batteries for electric vehicles and stationary energy storage systems.
A defining feature of the Black Giant project is its use of EnergyX’s proprietary Direct Lithium Extraction (DLE) technology. Unlike conventional lithium production, which typically depends on large evaporation ponds that consume significant quantities of water and require extended processing times, the DLE approach extracts lithium directly from brine using advanced separation technologies. The Black Giant facility has been designed as a closed-loop operation in which the processed brine is fully reinjected into the underground reservoir after lithium extraction. This system is intended to significantly reduce freshwater consumption and minimize environmental impacts associated with traditional lithium mining, making the project more sustainable and better aligned with evolving environmental standards.
The development of the Black Giant project will take place in two distinct phases. During the first phase, the project will focus on constructing and commissioning Train 1, which is expected to produce approximately 7.5 kilotonnes per year of lithium carbonate equivalent (LCE). Commercial operations for this initial production unit are targeted to begin in 2028. The second phase will substantially expand production through the addition of multiple processing trains, increasing annual capacity by another 45 kilotonnes. Once the expansion is completed, the project is expected to achieve a total production capacity of approximately 52.5 kilotonnes of lithium carbonate equivalent per year, with full-scale operations anticipated by 2030.
Beyond its financial commitment, Eni will assume an active strategic role in the project. As part of the agreement, the company will secure a seat on Black Giant’s Board of Directors, enabling it to participate directly in governance and key decision-making processes. Additionally, Eni has negotiated the option to purchase up to 25% of the project’s total lithium carbonate equivalent production. This supply arrangement is expected to support Eni’s expanding battery manufacturing ambitions, particularly its Gigafactory initiative in Brindisi, Italy, where the company is developing production capacity for stationary lithium battery systems designed to support renewable energy storage.
Eni’s contribution will extend well beyond capital investment. The company intends to leverage its decades of experience in upstream energy operations, project execution, and large-scale infrastructure development to support the successful implementation of the Black Giant project. By applying its engineering expertise, operational capabilities, and project management skills, Eni aims to help accelerate construction, optimize operational efficiency, and facilitate the project's transition to commercial production.
The investment further demonstrates Eni’s commitment to diversifying its business beyond conventional energy resources while securing access to essential raw materials required for the clean energy economy. As demand for lithium continues to grow worldwide due to accelerating electric vehicle adoption and expanding renewable energy storage markets, the partnership with EnergyX positions Eni to establish a stronger foothold in one of the world's most strategically important mineral sectors. The Black Giant project not only enhances Eni’s access to future lithium supply but also aligns with its broader sustainability objectives by supporting innovative extraction technologies that reduce environmental impact while strengthening resilient global supply chains for critical minerals.
