--- title: "Lithium Mining Company EnergyX Expands Operations" url: https://newscentral.site/lithium-mining-company-energyx-expands-operations/ language: en publisher: "News Central Site" section: "Business" published: 2026-11-15T08:05:00.000Z updated: 2026-11-15T10:38:58.308Z id: 8631a87c-7cee-4809-acfc-805939aace85 source: "Fortune https://fortune.com/2026/11/15/son-alamo-rent-car-hip-hop-label-lithium-leader-white-house/" attribution: "Link to https://newscentral.site/lithium-mining-company-energyx-expands-operations/ and name News Central Site when you quote or summarize this story." --- # Lithium Mining Company EnergyX Expands Operations EnergyX is expanding its operations with demonstration plants and plans for full-scale commercialization. Teague Egan, a serial entrepreneur and self-proclaimed Elon Musk acolyte, has been making waves in the renewable energy sector since 2018 when he first visited Bolivia's salt flats. His interest in lithium reserves led him to research the industry's outdated mining techniques. Egan, now 38, recalls his "aha moment as an entrepreneur: there had to be a better way to extract lithium. He began to think about the massive global growth potential of lithium-ion batteries used in electric vehicles like Tesla's. During this time, Egan founded EnergyX, short for Energy Exploration Technologies, with a focus on modernizing lithium mining through direct lithium extraction (DLE) technology. This year marked a significant milestone as EnergyX became the only company commercially mining lithium in the US using DLE at its Project Lonestar site in East Texas. EnergyX also opened a project in Chile this summer, extracting 170 metric tons of lithium annually. However, these demonstration plants are just the beginning; Egan is gearing up for full-scale commercialization. According to Egan, EnergyX will continue to focus on expansion and innovation, driven by its vision for a more sustainable energy future. He envisions significant growth in the coming years, with ambitious plans to bring new projects online. Egan's company aims to start construction next year and has set an aggressive timeline for development, with plans to produce 7,500 tons of lithium per year at its Black Giant project in Chile by 2028, expanding to 52,500 tons annually by 2030. The trajectory of EnergyX's CEO has been nothing short of remarkable. Two years ago, headlines like He Wants to Be the Lithium King painted a picture of an ambitious entrepreneur who was not afraid to dream big. Since then, EnergyX has made significant strides in its mission to become a leading player in the lithium industry. The company has relocated its headquarters to Austin, Texas, and expanded its footprint in the Smackover Formation, a region rich in lithium deposits. EnergyX's progress has been bolstered by major investments from Italian energy giant Eni, which injected $225 million into the company. This influx of capital has enabled EnergyX to complete several key projects, including demo initiatives in Texas and Chile. A major milestone was reached last October when Trafigura signed a 10-year contract with EnergyX for 100,000 metric tons of lithium from its Black Giant and Project Lonestar enterprises. The deal is valued at $2 billion and represents the largest Direct Lithium Extraction (DLE) off-take in history. The Trafigura agreement has sent a clear signal to investors and lenders that EnergyX is a serious player in the industry, with major customers willing to commit to long-term contracts. This development is expected to pave the way for further growth and expansion. EnergyX's CEO is now eyeing the next phase of his company's development, with construction set to commence soon. The momentum generated by the Trafigura deal will likely propel EnergyX towards its ambitious goals, including production of 7,500 tons of lithium per year at its Black Giant project in Chile by 2028. Teague Egan's entrepreneurial spirit was shaped by his father, a serial entrepreneur in his own right. Egan's upbringing near Fort Lauderdale, Florida, laid the groundwork for his future business ventures. He moved to Los Angeles to attend the University of Southern California, where he launched a record label and sport agency during his college years. The music industry soon took notice when Egan signed Boston rapper Sammy Adams to his label, who went on to top the iTunes hip-hop chart in 2010 with a number one hit. Egan's success in music may have been fleeting, but it provided him with valuable experience and resources. He revealed that declining an offer from Interscope Records was one of his biggest regrets, but also acknowledged that if he had succeeded in the music industry, EnergyX might not exist today. The profits from Egan's music ventures enabled him to invest in other opportunities, including Tesla in 2013 when its market value was less than $10 billion. Today, the company boasts a staggering market capitalization of over $1.5 trillion, and Egan has benefited significantly from his early investment. Egan's admiration for Elon Musk is well-known, and he credits the entrepreneur with inspiring him to pursue innovative business ideas. The two share a common bond in their Austin, Texas-based operations, where they are both based. Musk's impact on humanity is undeniable, according to Egan, who described him as arguably the greatest entrepreneur and innovator in the history of humanity." Global demand for lithium has skyrocketed by over 400% this decade, reaching an astonishing 1.5 million metric tons per year, driven primarily by the growth of electric vehicles and battery energy storage. This trend is expected to continue, with estimates suggesting that demand could reach a staggering 4 million tons by 2035. The traditional methods of extracting lithium from hard-rock mining or evaporation ponds are time-consuming and inefficient, taking up to two years to produce a single batch. However, one entrepreneur has identified an alternative approach that can significantly shorten the extraction process. Direct lithium extraction technology, which uses advanced filtration systems to extract lithium from brine water, is being championed by EnergyX as a more efficient and cost-effective method. This innovative approach mimics the oil and gas industry's drilling and pumping techniques, reducing the extraction time to just two days. The legacy lithium industry has been slow to adopt this new technology, requiring significant upfront investments in equipment and infrastructure. Despite its potential benefits, many companies have been hesitant to commit to DLE, preferring instead to stick with traditional methods. EnergyX initially sought to license its DLE technology to existing pond producers, hoping to partner with them to scale the innovation. However, they soon realized that these companies were not interested in adopting the new approach and had no intention of investing in the necessary infrastructure. To overcome this hurdle, EnergyX has shifted its strategy, acquiring its own resources and vertically integrating its operations to prove the viability of DLE technology. This move will allow the company to demonstrate the efficiency and cost-effectiveness of its approach, paving the way for wider adoption in the industry. The pace at which demand for lithium has grown is staggering, according to Egan, who acknowledges that a decade ago the volumes didn't warrant new investment or innovation. However, the Smackover region in the US is considered a prime location for potential growth, with high concentrations of lithium found within an underground aquifer. This poses a challenge as it requires the use of Direct Lithium Extraction (DLE) technology. EnergyX and Standard Lithium are among those racing to capitalize on this opportunity, with Vancouver-based Standard Lithium scheduled to start construction on its first major DLE project in Smackover early next year. EnergyX is expected to begin soon after. The involvement of ExxonMobil and Chevron has added a new layer of interest to the lithium market, as these energy giants have acquired large tracts of land in recent years due to the similarities between lithium extraction and oil and gas production. David Park, CEO of Standard Lithium, believes the US is at a critical juncture for lithium production. He notes that the Smackover basin holds significant potential and should be viewed as the country's equivalent of the Permian Basin. Egan remains confident in EnergyX's proprietary lithium filtration technology, which he believes will establish it as the preferred supplier to customers. EnergyX's growth trajectory is closely tied to the rapidly evolving electric vehicle market. The recent announcements by Tesla and other companies betting on robotaxis are a stark reminder of this shift towards autonomous transportation. Egan, who has a front-row seat to this transformation, believes that living in Austin provides him with a unique perspective on the future. As EnergyX works towards its ambitious goal of producing between 500,000 and 1 million tons of lithium per year by 2040, it is clear that the company's success will be crucial to meeting the world's growing demand for electric vehicles. Egan's long-term vision for EnergyX is driven by a desire to establish the company as the leading supplier in the industry. In addition to its business goals, Egan has also set his sights on a more personal ambition: running for president of the United States. While this may seem like an audacious goal, he believes that the current political climate makes it possible for anyone to achieve high office. With the mindset of America having changed significantly over the past decade, Egan is confident in his ability to lead the country. EnergyX's success will be a key factor in determining whether Egan's long-term goals are realized, both on and off the campaign trail. --- Source: [Fortune](https://fortune.com/2026/11/15/son-alamo-rent-car-hip-hop-label-lithium-leader-white-house/) Published by News Central Site: https://newscentral.site/lithium-mining-company-energyx-expands-operations/