CHARLESTOWN, MA / ACCESSWIRE / September 26, 2023 / Energy Capital Group is pleased to announce 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. Pure Lithium was founded by MIT Professor Donald R. Sadoway, now full-time Chief Scientific Officer, and lithium expert Emilie Bodoin.
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 Li-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 2 to 4 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 (KSA) is to establish an entire contained supply chain, deploy its proprietary Brine to Battery ™ process and provide KSA 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 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 Mr. 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% 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.
About Energy Capital Group (ECG)
Energy Capital Group (ECG) was founded in 2008 by Ali Abdulaziz Alturki and Co-GP's comprising prominent industrial and financial sector leaders who closed over USD5B of local and international transactions. In 2021, ECG launched its latest fund after merging with Cayan Holdings (Akram Alrabayah, Co-GP) and Watar Partners (Abdulwahab Al Betairi, Co-GP) as the strategic advisor. The ECG team has a solid track record in building key strategic partnerships with local and global service providers. With significant investments in Saudi Arabia and the region, ECG is supported by experienced operating partners in the sector and a network of experienced and successful leaders in the energy space.
About Pure Lithium
Pure Lithium is a disruptive Boston-based company that has invented the next-generation battery made of lithium metal while simultaneously re-inventing the lithium supply chain. The company is led by world-renowned battery and metallurgical expert, MIT Professor Donald R. Sadoway, as full-time CSO, and inventor and lithium expert, CEO Emilie Bodoin. The company's novel Brine to Battery™ technology unlocks unconventional sources of lithium quickly to create a lithium metal battery-ready electrode in one day. The resulting battery is free of cobalt, nickel, manganese, and graphite. For more information, visit https://www.purelithium.io.
Amalie Mundt, Director of Corporate Development
SOURCE: Pure Lithium
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