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Why EnergyX raised $75M from small investors, even after taking VC money from GM and others
EnergyX’s offering took advantage of SEC Regulation A, which allows companies to raise money from retail investors in exchange for modest regulatory oversight.
Egan’s company, EnergyX, has spent the last several years developing a way to extract lithium for EV batteries from briny water locked underground. To fund its operations, EnergyX has raised over $90 million from traditional investors including GM Ventures, Posco, and Eni Next, according to PitchBook. But, Egan said, “those are really long sales cycles because they’re multi-hundred [million] if not billion-dollar final investment decisions.” So in addition, it is also planning to pull lithium out of the ground itself and sell it to customers directly.
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