Morales & Besa advises EnergyX on Eni’s US$225 million strategic investment in Black Giant in Chile

Morales & Besa advised Energy Exploration Technologies, Inc. (“EnergyX”) in connection with Eni S.p.A.’s (“Eni”) US$225 million strategic investment in Project Black Giant, a lithium project located in Chile’s Antofagasta Region.

Under the transaction, Eni is investing US$225 million of equity for a minority stake in EnergyX´s Project Black Giant and will have rights to offtake up to 25% of the project’s future lithium production.

The transaction is a significant development for Chile’s lithium sector and supports the advancement of a large-scale Direct Lithium Extraction (DLE) project. Project Black Giant is expected to produce up to 52,500 tonnes per year of lithium carbonate across its first two phases.

Morales & Besa advised EnergyX throughout the transaction acting as Chilean counsel, including on the structuring of Eni’s investment and the negotiation and preparation of the transaction documents.