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GM is investing in lithium producer Energy Exploration Technologies Inc. as part of a new supply deal between the two companies.
The U.S. lithium company, known as EnergyX, will provide GM with exclusive lithium supply from its contracted mining companies in North America and South America, according to a press release. GM will also finance additional lithium production projects on the two continents.
The two companies will also collaborate to commercialize EnergyX’s direct lithium extraction technology, which the producer claims is more cost-effective and sustainable and will lead to a new lithium supply chain in North America.
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