Energy Capital Group announced on Wednesday its investment in Pure Lithium, a disruptive Boston-based company that has invented the ultimate next-generation battery made of lithium metal (Li-M), while simultaneously re-inventing the lithium supply chain.
Lithium metal batteries have long been regarded as the ultimate energy storage solution slated to displace today’s lithium-ion (Li-ion) batteries. Founded by MIT Professor Donald R. Sadoway and lithium expert Emilie Bodoin, Pure Lithium is the only battery company in the world that controls its own supply chain.
Pure Lithium’s Brine to Battery technology quickly unlocks unconventional sources of lithium, such as oilfield brines, and produces a battery-ready lithium metal electrode cheaply and sustainably. The entire battery, including the lithium content, can be made in three days, compared to over 500 days to manufacture lithium-ion. Pure Lithium’s industry-leading Li-M rechargeable battery eliminates the need for graphite, nickel, cobalt, and manganese. Its battery technology is aimed at displacing Li-ion batteries, since it will be less than half the weight and contain two to four times the energy density of today's Li-ion battery.
Pure Lithium is also able to achieve a cost of manufacture at the long-sought target price of less than $50/kWh, compared to approximately $150/kWh for today’s Li-ion.
Pure Lithium’s goal within the Kingdom of Saudi Arabia is to establish an entire contained supply chain, deploy its proprietary Brine to Battery process and provide the Kingdom with unprecedented supply chain security -- enabling the Kingdom to leapfrog Li-ion and become a world leader in harnessing the power of Li-M.
The fundraising for Pure Lithium is led by board member Robert Friedland, a world-renowned technology and mining entrepreneur. Energy Capital Group is leading discussions with potential investors and partners in Saudi Arabia and providing the right platform for the company to grow in the region.
The investment in Pure Lithium is an important step in Energy Capital Group's strategy to invest in innovative and disruptive technologies that have the potential to transform the energy industry. The investment also presents the possibility of forming a joint venture (JV) with Pure Lithium in the future, which could include a participatory role for Energy Capital Group in the JV. With its investment in Pure Lithium, Energy Capital Group is well-positioned to support the growth of the company and contribute to the development of the lithium and battery industries in the region.
“This investment could significantly disrupt the Saudi market with Pure Lithium’s innovative technology, which represents a major breakthrough in the lithium and battery industries. Energy Capital Group is excited about the opportunities that lie ahead with Pure Lithium,” said Ali Alturki, Founder and Managing Partner of Energy Capital Group.
“We are thrilled with Energy Capital Group’s investment in Pure Lithium. They recognize the value and impact we can have in the Kingdom by unlocking oilfield brines to create a battery-ready electrode, eliminating 90 percent of the current associated costs. Additionally, we are excited to develop the safest battery for the climate of the Kingdom, and further empower the Kingdom to utilize our technology on a large scale,” said Emilie Bodoin, Founder and CEO of Pure Lithium.
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