Aug 5 (Reuters) - Lithium technology startup EnergyX has

made a $150 million bid for Galan Lithium's ( GLNLF ) assets in

Argentina, part of a strategy to consolidate acreage needed to

produce the electric vehicle battery metal amid low market

prices.

The offer - for $150 million in cash, shares in EnergyX,

project financing and a royalty payment - was first sent on July

11 and the two companies are in negotiations, according to

EnergyX.

Details of the offer were first reported in the Australian

press.

Representatives for Perth-based Galan were not immediately

available to comment. The company's stock, listed in Australia,

was halted on Monday pending what Galan said was a "clarifying

announcement regarding a media article."

The bid comes as prices for lithium have tumbled in the past

year, fueling layoffs at industry leader Albemarle and

others. Teague Egan, EnergyX's CEO, said he was making the move

for Galan's Argentina acreage in a bid to consolidate acreage

amid low prices.

"There's no doubt in my mind that lithium demand will

continue to grow later this decade," said Egan.

The head of EnergyX's South American operations, Juan Carlos

Barrera, is a consultant to Galan's board, according to the

companies' websites.

General Motors ( GM ) and a consortium led by South Korean

conglomerate Posco Holdings ( PKX ) are investors in

EnergyX, which has offices in Austin, Texas.

EnergyX, which in 2022 lost out on a bid to develop

Bolivia's Salar de Uyuni lithium deposit, has a pilot project in

northern Chile and is developing projects in North America.