GM-Backed EnergyX Expands Lithium Holdings in US Smackover Formation with Pantera Acquisition

General Motors Company (NYSE:GM) is one of the best manufacturing stocks to buy according to hedge funds. On July 9, EnergyX, which is a lithium technology startup backed by General Motors, announced the acquisition of 35,000 acres in the Smackover formation from Pantera Lithium. This deal increases EnergyX’s holdings in the Smackover to ~47,500 acres.

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.

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.

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Disclosure: None. This article is originally published at Insider Monkey.