A US-based company called Pure Lithium, which specializes in lithium metal batteries, has received funding from the Saudi Arabian fund Energy Capital Group as part of its strategy to foster disruptive technologies. Robert Friedland, a board member and multibillionaire mining investor, oversaw the company's fund-raising efforts, according to Energy Capital Group.
In order to facilitate Pure Lithium's regional development, the Saudi business is in talks with possible Saudi investors and partners. The fundraising round's dollar amount was not made public.
"Lithium metal batteries have long been regarded as the ultimate energy storage solution slated to displace today’s lithium-ion (Li-ion) batteries," the statement said.
Electric cars and a variety of portable gadgets employ Li-ion batteries, a type of rechargeable battery.
“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,” said Ali Alturki, founder and managing partner of Energy Capital Group.
Utilizing their patented technique, which aids in the extraction of lithium from oil field brines, a waste product of the oil and gas industry, Pure Lithium wants to develop a complete supply chain in Saudi Arabia.
“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,” said Emilie Bodoin, founder and chief executive of Pure Lithium.
“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.”