Eni to Buy 25% Stake in EnergyX's Chilean Unit

Eni (ENI.MI) said Monday it will acquire 25% of US startup EnergyX's Chilean subsidiary Black Giant for a total phased investment of $225 million. The Italian energy company will provide technical and operational contributions to Black Giant's lithium production project in northern Chile. It will also secure a seat on Black Giant's board and an option to offtake up to 25% of the total lithium carbonate equivalent production in the Chilean project. Eni holds a minority stake in EnergyX through its corporate venture capital company Eni Next.