CHARLESTOWN, MA / ACCESSWIRE / March 14, 2024 / Pure Lithium, a disruptive Boston-based lithium metal battery technology company, is pleased to announce the completion of a $15 million investment from Oxy Low Carbon Ventures (OLCV), a subsidiary of Occidental (Oxy) that is focused on advancing cutting-edge, low-carbon technologies and business solutions. OLCV acted as the lead investor in Pure Lithium's Series A equity financing, which may raise up to an additional $15 million for a proposed total funding amount of $30 million.
Emilie Bodoin, Founder and CEO of Pure Lithium, commented: "At Pure Lithium, our mission is to commercialize the lithium metal battery via vertical integration across the entire value chain, from resource to battery. Our breakthrough Brine to Battery™ lithium metal extraction technology produces battery ready lithium metal anodes in one step from aqueous lithium sources. Our resulting lithium metal batteries have achieved over 800 charge and discharge cycles while retaining 97% capacity, proving the performance of our Pure Lithium metal anode. We are thrilled to have OLCV join our journey as a value-adding shareholder. Their strategic vision is well aligned with Pure Lithium."
"This significant capital infusion will allow Pure Lithium to accelerate our development and commercialization efforts. The validation of our technology by OLCV is very meaningful for us, and we look forward to their contributions."
"When it comes to upscaling our technology, we look forward to tapping into the deep knowledge of electrochemical processing that resides in Oxy's chemicals business. There is a symmetry in resorting to electrochemical processing to produce electrochemical storage devices," said Professor Donald R. Sadoway, co-founder of Pure Lithium and Chief Scientific Officer.
"We are excited to invest in Pure Lithium and support their revolutionary technology, which has the potential to sustainably transform lithium brine into battery-ready materials," said Dr. Robert L. Zeller III, Vice President of Technology for OLCV, who recently joined Pure Lithium's Scientific Advisory Board. "OLCV looks to accelerate Pure Lithium's ambitions by leveraging our scale-up experience and operating discipline earned from over a century of chlor-alkali and chemical manufacturing, business acumen, and innovation, and our new TerraLithium business."
About Pure Lithium
Pure Lithium is a disruptive Boston-based company led by world-renowned battery and metallurgical expert, MIT Emeritus Professor Donald R. Sadoway, as full-time CSO, and inventor and lithium expert, CEO Emilie Bodoin. The Company's novel Brine to Battery™ extraction technology unlocks unconventional sources of lithium to create a battery-ready electrode in one day. The resulting battery is free of excess lithium, cobalt, nickel, manganese and graphite. For more information, visit www.purelithium.io.
Contact:
Amalie Mundt, Director of Corporate Development
[email protected]
SOURCE: Pure Lithium