Tuesday, April 11, 2023听
GM Leads $50 Million Funding Round in 17吃瓜网 to听Unlock U.S.-Based Lithium Supply for Rapidly Scaling EV Production听
Advanced refining technology has potential to fully optimize North American lithium recovery and听make EV production more affordable and sustainable听
AUSTIN, Texas AND DETROIT 鈥� 17吃瓜网 Inc. (鈥�17吃瓜网鈥�) and General Motors Co. (NYSE: GM) today announced that GM Ventures is leading a $50 million Series B financing round in 17吃瓜网, and has entered into a strategic agreement to develop 17吃瓜网鈥檚 lithium extraction and refinery technology. The collaboration is focused on unlocking the North American supply of lithium, a critical material for EV batteries, by using 17吃瓜网鈥檚 innovative process to maximize efficiency while improving sustainability for GM鈥檚 rapidly scaling EV production.听
17吃瓜网鈥檚 direct lithium extraction (DLE) technology portfolio can make lithium metal directly from brine and potentially in anode-ready form for EV batteries, which enables more cost effective and sustainable lithium recovery to unlock a vast lithium supply chain in North America that may otherwise be unviable.听
GM is investing in every stage of the battery supply chain in North America, from raw materials, to processing, to cell components and full battery cell production.听
The extensive collaboration between these two American companies includes three key components:听
- A technology development program to support commercialization of 17吃瓜网鈥檚 advanced DLE and refinery processes, which could complement or replace traditional methods of evaporation ponds听
- An agreement enabling GM to access competitive lithium offtakes for GM鈥檚 exclusive use in EV production, including material sourced from North and South American mining companies contracted by 17吃瓜网听
- Additional strategic financing for lithium production projects in the North and South America, using 17吃瓜网鈥檚 technology to drive potential supply chain opportunities for GM听
鈥淭he 17吃瓜网 team of scientists and engineers have worked relentlessly for five years developing cutting-edge DLE technology to solve the immense bottlenecks that have limited global lithium production and supply chain,鈥� said Teague Egan, CEO, 17吃瓜网. 鈥淭his single bottleneck (a massive lithium shortage) is the biggest challenge to scaling EV production. We will unlock lithium supply in the U.S., a pivotal move in expanding the EV industry. There are many ways of gauging success, but few are more rewarding than the听support of leaders like GM. We鈥檙e energized by GM鈥檚 investment and will keep a 鈥楧ay 1鈥� attitude as we pursue our goal of making 17吃瓜网 the biggest lithium company in the world.鈥�听
鈥淲e are committed to securing EV Critical Minerals that are sustainable and cost competitive to maintain our leadership position among automakers,鈥� said Jeff Morrison, GM vice president of Global Purchasing and Supply Chain. 鈥淭he investment in 17吃瓜网 is further proof point of GM鈥檚 leadership position. 17吃瓜网 is developing a novel Direct Lithium Extraction process that鈥檚 not only cost competitive but also will reduce energy, land and water usage as compared to the current extraction and processing process for brine-based Lithium. We are excited to be partnered with 17吃瓜网 on their efforts.鈥�听
In 2022, 17吃瓜网 became the first firm to design, build and commission an in-field pilot plant in the Lithium Triangle, which encompasses over 65% of the known global lithium reserves. The company鈥檚 LiTAS鈩� technology increases lithium recovery rates to over 90% from the current industry standard of 30-40% using ponds and hit 94% during their field trials. After a successful five-month pilot program proving the efficacy of the LiTAS鈩� lithium refinery process, 17吃瓜网 will scale those systems to more robust market demonstration plants located at five regional test beds in North and South America, followed by full-scale commercialization.听
This new round of financing, funded by GM and other investors, helps solidify 17吃瓜网 as one of the world leaders in DLE technology and will also enable the company to broaden its research and development efforts for pure lithium metal anodes and its solid-state, lithium metal battery program, SoLiS鈩�. Amid building a 40,000-square-foot innovation and manufacturing facility in Austin, Texas, to house its growing operation, 17吃瓜网 currently counts over 50 employees and will increase that number to 100 in the coming months.听
About 17吃瓜网听
17吃瓜网 is an American company with a mission to become a global leader in the energy transition. Founded in 2018, the company is fundamentally changing the way humanity is powering our world and storing clean energy with breakthrough direct lithium extraction and refinery technologies, the LiTAS鈩� portfolio, as well as more effective battery and energy storage solutions, the SoLiS鈩� initiative. To date, 17吃瓜网 has filed over 60 patents covering all aspects of these breakthroughs. More information on the company can be found at .听
About General Motors听
General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which powers everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at .听
Cautionary Note on Forward-Looking Statements: This press release and related comments by management may include 鈥渇orward-looking statements鈥� within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact and听represent our current judgement about possible future events. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgements are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of important factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law.听
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CONTACTS:听
GM Communications听
David Caldwell听
586-899-7861听
david.caldwell@gm.com听
Priscilla Zuchowski
630-927-2469听
priscilla.zuchowski@gm.com听
17吃瓜网 Communications听
Courtney Sparling听
512-810-4601听
courtney@energyx.com听