As a developer of next-generation battery and direct lithium extraction technology, Energy Exploration Technologies Inc. (EnergyX) is in a prime position to disrupt the energy storage market. And with the market projected to reach $546 billion within the next 12 years, there’s plenty of room for growth.
The company didn’t stop after raising more than $10 million on Netcapital Inc.. More recently, it secured a $50 million Series B financing round from GM Ventures. In addition to the funding, the company reached an agreement with General Motors Co. to develop EnergyX’s lithium extraction and refinery technology.
EnergyX CEO Teague Egan said he is excited about the progress his team has made over the past five years. He believes that this investment and partnership will help the company solve the bottlenecks associated with limited global lithium production.
“This single bottleneck (a massive lithium shortage) is the biggest challenge to scaling EV (electric vehicle) 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 support of leaders like GM,” Egan said. “We’re energized by GM’s investment and will keep a Day 1 attitude as we pursue our goal of making EnergyX the biggest lithium company in the world.”
Other Companies On Netcapital With A Bright Future
Not every company that raises money on Netcapital will close a future financing round, but there’s no shortage of opportunities for investors to consider. Here are three to consider.
GenesisAI is a global artificial intelligence (AI) network that facilitates the efficient buying and selling of AI technologies at scale. In addition to its current round on Netcapital, which sits at $305,108, GenesisAI previously raised $3.8 million on the platform. With the market for AI services expected to reach $2.8 trillion by 2030, the company is well-positioned to maintain its status as a top player in the space.
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Avadain Inc. has developed a disruptive green technology that produces high-quality, high-demand graphene. The global graphene market is estimated to be worth $100 billion. Avadain’s technology is globally patented and has received backing from Panasonic Holdings Corp. as well as a federal grant. To date, it has raised $388,440 on Netcapital.
EarthGrid PBC’s tunnel-boring technology is designed with the purpose of creating a vast underground network of tunnels. The primary objective of this network is to eliminate the use of fossil fuels and provide several essential services to the public such as high-speed internet, clean water, wastewater management and transportation and delivery services. To date, it has raised $660,342 on Netcapital.
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