Eni (E) agreed to acquire a 25% stake in EnergyX's Chilean unit, Black Giant, for $225 million.

Black Giant is developing a lithium project near the Salar de Punta Negra in northern Chile, Eni said Monday in a statement. The project targets production of 52,500 tons a year of lithium carbonate equivalent at full capacity, using EnergyX's direct lithium extraction technology.

Under the agreement, Eni will also receive a seat on Black Giant's board and the option to purchase up to 25% of the project's lithium production. The investment will be executed in phases, with initial production of 7,500 tons a year expected in 2028 and full output planned for 2030.

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