GM-Backed EnergyX Expands Lithium Holdings in US Smackover Formation with Pantera Acquisition
The Smackover is an underground geological formation spanning from Florida to Texas and is known for its rich lithium brine deposits. The acquisition is valued at A$40 million (~$26.1 million) and includes A$6 million in cash and roughly 2.3 million shares in EnergyX, valued at A$14.50 ($9.47) each.
A group of technicians in a garage, inspecting car parts and ensuring safety compliance.
Pantera, which is an Australia-based company that initially agreed to buy this acreage in 2023, will become a minority shareholder in EnergyX once the deal closes, which is expected later this year. The acquisition highlights the growing interest in boosting US lithium production, despite current low market prices.
General Motors Company (NYSE:GM) designs, builds, and sells trucks, crossovers, cars, and automobile parts worldwide.
While we acknowledge the potential of GM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the .
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Disclosure: None. This article is originally published at Insider Monkey.
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