Eni acquires 25% stake in Black Giant SpA for $225 million to secure lithium supply for Italian industrial initiative

Type: Acquisition · Technology: Mining · Country: Chile · Value: $225M · Announced: 2026-07-06

Italian energy major Eni signed an agreement to acquire a 25% stake in Black Giant SpA, a Chilean subsidiary of U.S.-based EnergyX, for $225 million. The transaction secures Eni's access to up to 25% of the project's total production of 52.5 kilotons per year of lithium carbonate equivalent (LCE), aligning with its broader strategy to strengthen supply chains for critical minerals. The Black Giant project, located in northern Chile, will be developed in two phases: Phase 1 targets 7.5 kton/year of LCE production starting in 2028, while Phase 2 aims to add 45 kton/year by 2030. Eni plans to utilize the lithium in its industrial initiative at Brindisi, Italy, announced concurrently with this investment. EnergyX will deploy its Direct Lithium Extraction (DLE) technology at the project, which employs a closed-loop process with total reinjection of produced water to minimize environmental impact compared to traditional evaporation-based methods.

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