Compass Minerals (CMP.N) plans to jump ​back into the ‌lithium market by partnering with technology startup EnergyX to ​extract the battery ​metal from Utah's Great ⁠Salt Lake, a move ​that comes as prices ​rise for the critical mineral alongside a broader push ​to boost U.S. output.

The ​companies have signed a memorandum ‌of ⁠understanding that, if finalized, would see General Motors GM.N-backed EnergyX invest more than $400 ​million ​and ⁠use its direct lithium extraction (DLE) technology ​to filter the ​metal ⁠from the hypersaline lake, estimated to contain more than ⁠2.4 ​million metric ​tons of lithium.