EnergyX Acquires 35,000 Acres in Smackover Lithium Deposit for A$40M

EnergyX, a lithium technology startup backed by General Motors, has acquired 35,000 acres in the Smackover formation in Arkansas from Pantera Lithium for A$40M (~US$26.1M). This reinforces EnergyX's position in North America's most promising lithium deposit, highlighting the growing interest in lithium technology for electric vehicles.

EnergyX, a lithium technology startup backed by General Motors, has acquired 35,000 acres in the Smackover formation in Arkansas from Pantera Lithium for A$40 million (~US$26.1 million). This acquisition strengthens EnergyX's position in North America's most promising lithium deposit, reflecting the growing interest in lithium technology for electric vehicles (EVs).

The deal, announced on July 9, 2025, involves a cash payment of A$6 million and the issuance of 2.3 million shares in EnergyX, valued at A$14.50 each. The acquisition will increase EnergyX's total holdings in the Smackover region to approximately 47,500 acres [1].

EnergyX's CEO, Teague Egan, commented on the acquisition, stating that it represents a transformative milestone in redefining the global lithium supply chain. The company plans to vertically integrate its proprietary LiTAS® Direct Lithium Extraction (DLE) technology platform with the acquired resources, aiming to accelerate Project Lonestar™'s development [1].

Project Lonestar™, located in Northeast Texas, is designed to produce 50,000 tonnes per annum (tpa) of lithium hydroxide by 2030, with a first phase of 12,500 tpa by 2028. EnergyX owns rights to 330 acres of recently cleared land near the Red River Army Depot to build its lithium mega refinery [1].

The acquisition comes amid low lithium prices and growing interest in boosting U.S. production of the metal. Other companies, such as Chevron and Exxon Mobil, have also bought acreage in the Smackover region, which is estimated to contain more than 4 million metric tons of lithium [2].

EnergyX's strategic investment from General Motors and other major players underscores its leadership in the energy transition. The company aims to deliver a scalable, sustainable lithium supply to major EV makers, battery cell manufacturers, and cathode makers from its production facilities in the Americas [1].

References:
[1] https://www.prnewswire.com/news-releases/energyx-to-acquire-35-000-acre-smackover-lithium-mineral-deposit-from-pantera-advancing-strategic-leadership-in-us-lithium-production-302501454.html
[2] https://www.tradingview.com/news/reuters.com,2025:newsml_L1N3T60RP:0-gm-backed-energyx-buys-lithium-rich-acreage-in-us-smackover-formation/