EnergyX: Statement on Bolivia’s YLB Tender Process

Press Release by EnergyX

JUNE 11, 2022, AUSTIN - For 15 years Bolivia has been trying to produce lithium. EnergyX was honored to be one of 8 companies selected in an international tender for this purpose, and was the only company to successfully deploy and commission their technology in Salar de Uyuni with a live pilot plant. EnergyX invested heavily into the development of DLE technology specific to Bolivia, as well as made partnerships with local e-mobility companies such as MOBI Latam to support the country.

On June 10, EnergyX was informed by YLB they will move forward in their commercialization efforts without us. That said, EnergyX applauds the country and government for finally opening their borders and hosting the international tender to seek out the best direct lithium extraction technology to help Yacimientos de Litio Bolivianos (YLB) with the exploitation of the resource. EnergyX remains steadfast in the belief our technology is best in class and suits the needs of Bolivia’s industry.

The company humbly acknowledges it was 10 minutes late in submitting its final report (12:10am, May 16, 2022), and YLB has indicated that this missed deadline was the reason EnergyX was disqualified from the evaluation process. Although this deadline was not in the signed MOU and EnergyX had successfully submitted an interim report, we accept full responsibility with no excuses. That being said, EnergyX is confident that our Lithium Ion Transport and Separation (LiTAS™) technology is the most advanced DLE technology, and the data collected during the pilot plant’s continuous 4 months of fieldwork operated by Bolivian engineers, and verified by YLB laboratories with hundreds of tested samples (337 tests to be exact), reflects this. The EnergyX pilot achieved 94% recovery, very high concentrations of lithium, very low impurities, all with minimal use of water, energy, and chemicals.

As part of the companies final report, EnergyX presented a comprehensive proposal that included a path to commercialization for 500,000 tons per annum of lithium with YLB. This would make Bolivia the world's largest lithium producer before 2030. In addition to building a Direct Lithium Extraction plant, EnergyX and its consortium partners, which included some of the world’s largest battery manufacturers, global auto manufacturers, and investments banks with financing, proposed to build a lithium hydroxide conversion plant, a lithium metal production plant, a cathode production plant, and a gigafactory within Bolivia to build next generation batteries. Over the course of the next 20 years, EnergyX has committed to invest up to US$10 billion along with its partners. EnergyX hopes the full transparency of all the results and proposals are provided.

EnergyX respects Bolivia’s sovereignty and final choice for whichever DLE company they want to ultimately work with, for any reason or no reason at all. We will not appeal any final decision or this disqualification due to technicality, and we hope that in the future Bolivia will consider EnergyX if the need for lithium technology, processing, and refinery arises. EnergyX offered the lowest cost and low risk solution that maximizes the utility of Bolivia’s existing investment into the evaporation ponds in Uyuni, and stands by ready and willing. EnergyX appreciates that YLB gave the company an opportunity to showcase our technology to the world and demonstrate that the company is capable of deploying and commissioning real, working equipment to the field for long duration testing.

Finally, EnergyX will honor the US$100,000 donation it made to the Potosí healthcare system, enabling thousands of children to receive eye screenings, and to the Uyuni education system, building 6 new schools and a technology computer lab. Our ESG pledge holds strong within our core values. Our CEO Teague Egan has personally visited Bolivia 12 times, and he truly cares about the country and its people. EnergyX is excited for the future of these communities and the youth of the indigenous people near the salt flats, and wishes Bolivia the best in their endeavors to become a lithium and energy storage leader.