With the ever-increasing gas and fuel prices, drivers are switching to buy electric cars.
However, the idea of buying an electric car is way out of the league for a common man, but Teague Egan, CEO of EnergyX has come up with a solution to make electric cars more affordable in the coming years.
While on a tour to Bolivia, a question prompted in his mind – how do batteries work. Egan believes that “That’s a thing not a lot of people think about.”
As the CEO of the Texas-based energy company, Egan has been a Tesla admirer and he has been driving Tesla electric cars since 2013. Until 2018, when he gave a thought to explore what makes a battery work during his trip to Bolivia.
“I’m an avid traveler,” he said, “I was down in South America on a trip [in 2018] and my travels took me to Salar de Uyuni in Bolivia. I went there because it is one of Bolivia’s top tourist attractions. It’s just this beautiful, vast salt flat.”
In an interview with a Forbes journalist, Teague mentioned the reason which took him to think about the technology behind the concept of battery function.
On his trip, he recalled that the guide of his tour mentioned that this salt flat is the main source of Lithium provided all around the world.
“I had no idea,” Egan said. “At the time, I didn’t even know where lithium came from; I had no mining experience or background.”
Teague then figured out that Lithium is the one that powers batteries of almost every kind.
Egan said; “I said to myself, ‘this is the biggest opportunity I’ve ever seen. We come up with a way to more efficiently and cost-effectively produce lithium,”
The idea triggered him to create a technology that could extract lithium which led him to build EnergyX.
“Lithium is found in really salty water. The problem is Lithium is mixed in with a bunch of other salts, magnesium, sodium, calcium. The whole idea is ‘how do you separate just the lithium from the “impurities” so you can use the lithium in batteries?” Egan added.
It was May 5 when EnergyX disclosed in a press release that they secured $20 million in commitments to finance the company’s DLE – direct Lithium extraction technology.
Teague believes that the future is for electrical vehicles and there will be a need for lithium and the technologies that will help them extract lithium from mines and salt flats.
Gavin Newsom, the governor of California, sets the goal of making all the cars zero-emission by the year 2035.
President Biden has also signed the bill for infrastructure allocating $7.5 billion to be used for electric vehicle charging systems.
With EnergyX, Teague believes that the transition from gas to electric vehicles will be easier in the coming days. He added; “What this basically means for the average consumer is electric cars are going to be more affordable.“
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