On Tuesday, General Motors announced that it would invest in EnergyX’s lithium technology startup while expanding to mining.
Its stock price decreased by 0.90% to $35.41 per share on April 11. However, it is anticipated to go up by 0.14% to $35.46 apiece in the upcoming session.
The carmaker wants to ensure the long-term supplies of the metals to be utilized in making electric vehicle batteries.
Moreover, automakers’ push to stimulate their groups has boosted stable supplies of lithium, copper, nickel, and other vital minerals. By the end of the decade, demand is expected to surpass supply, strengthening interest in novel production processes.
Also, General Motors scientists would help EnergyX commercialize the Direct Lithium Extraction (DLE) technologies. According to the company, DLE can be the most effective way of extracting lithium from brine sources.
Based on EnergyX’s statement, its target is to release an initial public offering by 2024. In addition, Global Emerging Markets Group, a private equity firm, plans on investing around $450.00 million in the business. This is after its shares start trading.
Meanwhile, General Motors will have the power of first refusal in purchasing lithium from any project developed by EnergyX. Besides, it did not specify how much it was funding. The financing would help the tech company’s further expansions in North and South America.
Smartphones’ General Motors Compatibility Stopped
The automaker General Motors confirmed that it would not be compatible with Apple CarPlay and Android Auto. This applies to the electric vehicles created in the future.
Still, it will support both systems in existing EVs and combustion-engine cars. However, the new Chevrolet Blazer EV would be the first vehicle not to support the two types of connectivity.
On the other hand, the awaited Silverado EV pickup truck can still access both.
Additionally, General Motors aims for its system to manage all the apps customers want. Therefore, it prefers to run them instead of having a third-party platform to gain access.
Also, it was reported that Bluetooth connectivity is still available in the Blazer EV. It is meant for drivers who still want to use apps from their phones.
