The capital infusion accelerates the development of the Antofagasta-based project, which aims to produce 52,500 metric tons of lithium carbonate annually across two phases. By leveraging EnergyX’s proprietary GET-Lit direct lithium extraction platform, the firm intends to maintain some of the industry’s lowest production costs, estimated at $2,944 per ton. The investment complements a previously announced $690 million debt financing letter of intent from the U.S. EXIM Bank, providing a robust financial foundation for the site’s total capital expenditure, which is pegged just under $1 billion.

Beyond direct funding, Eni will provide technical expertise in subsurface engineering to expedite commercialization. This partnership builds on a multi-year collaboration between the two companies, including early-stage venture backing. For EnergyX, the project serves as a cornerstone for its broader Litio Mecca vision—a proposed $5 billion integrated refinery complex near the Port of Mejillones designed to process lithium from across the South American Lithium Triangle. With site development already underway following extensive pilot testing and resource delineation, the company expects the operation to generate $1.3 billion in annual gross revenue once the initial phases reach full capacity.