Funding round
EnergyX Series B
EnergyX, which works in lithium extraction technology development in Austin, raised $50M in a Series B round announced on 11 Apr 2023, led by GM Ventures. 1 firm took part. It is EnergyX's third venture round on record; the one before was a Growth in Jul 2022.
$50M
Amount raised
Not disclosed
Post-money valuation
1
Investors
1 lead
Valuation
What this round says about the price
EnergyX did not disclose a valuation in this round. It came 9 months after EnergyX's Growth. It is 6.1% of the $820M EnergyX has raised in the venture rounds on record. EnergyX raised again 18 months later: a Growth round of $75M in Oct 2024.
EnergyX's funding rounds
EnergyX has 5 venture rounds on record and 1 other deal. This one is highlighted.
Investors
Who put money in
GM Ventures led the round.
Lead investor
- backs 22 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, scaling operations and working capital.
- Product development
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
21 Series B rounds in Chemicals within a year either side disclosed an amount; the median was $33M, and this round was 1.5 times the median. The closest in time, other companies' Series B rounds in Chemicals:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Chemicals | 22 Mar 2023 | $139M | $578M | SK Innovation |
| Chemicals | 11 May 2023 | $33M | not disclosed | NextEra Energy |
| Chemicals | 22 Mar 2023 | $17M | not disclosed | Firstime Ventures |
| Chemicals | 6 Jun 2023 | $100M | not disclosed | General Catalyst |
| Chemicals | 13 Feb 2023 | $73M | not disclosed | Lowercarbon Capital and Wollemi Capital |
| Chemicals | 20 Jul 2023 | $67M | not disclosed | Breakthrough Energy and Climate Investment |
| Chemicals | 26 Oct 2022 | $55M | not disclosed | Samsung Venture Investment and Anzu Partners |
| Chemicals | 17 Oct 2022 | $15M | not disclosed | not named |
Sources
Where this comes from
Reported by 2 sources.
Questions
Frequently asked
How much did EnergyX raise in its Series B round?
EnergyX raised $50M in its Series B round, announced in Apr 2023.
Who led EnergyX's Series B round?
GM Ventures led it.
What was EnergyX's valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Chemicals?
21 Series B rounds in Chemicals within a year either side disclosed an amount; the median was $33M, and this round was 1.5 times the median.
Did EnergyX raise again after this round?
Yes: a Growth round in Oct 2024 of $75M.