Boston-headquartered Pure Lithium Corporation announces that it will be looking to raise over $75M to $100M during its Q1 2025 Series B Funding round.
It’s kicking off its Roadshow campaign, which starts during the week of November 18, 2024.
Pure Lithium aims to scale its technology for commercial lithium battery production and a possible IPO.
The announcement also highlights that lithium metal is the “holy grail” of the energy storage evolution towards changing lithium-ion batteries. chiefly due to it not requiring inputs such as graphite, nickel, cobalt, and manganese which would eliminate dependence on China and foster local hubs in favorable jurisdictions.
Pure lithiums Boston Lab since its launch in January 2021 has made the milestone of making commercialized lithium metal batteries a reality.
Pure Lithiums Milestones
- The company has achieved significant advancements by implementing robust intellectual property protections related to all aspects of lithium metal extraction and battery production, currently holding nearly 100 patents and patent applications.
- Key achievements include the selection and patenting of optimal cathode materials, specifically vanadium oxides and vanadyl phosphates, to complement lithium metal anodes. Notably, there is a joint patent application in collaboration with Nobel Laureate Professor Sir Stanley Whittingham, who won the 2019 Nobel Prize in Chemistry for his invention of the lithium-ion battery.
- The company has also achieved the world’s best cycling data for a lithium metal battery, demonstrating over 1,300 cycles at commercially relevant charge rates of 1C and 1D, making it ready for commercial scale-up.
- Additionally, there is a pending agreement with a multinational corporation to scale the manufacturing of Pure Lithium’s patented solid-state lithium-electrolyte membrane. This breakthrough enables a low-cost process for the direct electrodeposition of lithium metal anodes from lithium-bearing brines.
- The company has secured its first upstream lithium supplies through an agreement with Calgary-based junior mining company E3 Lithium Inc. This partnership ensures access to enough lithium for 80 million electric vehicles and explores the economic feasibility of manufacturing lithium batteries in Alberta using lithium extracted from E3’s oil field brines.
- Furthermore, the company has acquired all intellectual and physical assets from Buffalo-based private enterprise Dimien Inc., a leader in vanadium pentoxide-based cathodes.
It has raised over $20 million in its Series A this year, with Oxy Low Carbon Ventures as its leading investor. It hopes to be the only company to commercialize next-generation lithium metal battery energy storage through low-cost, safe, longer-duration, and greener batteries, aiming to displace the 40-year-old lithium-ion technology.
This company will use lithium and vanadium sourced from North America, eliminating dependence on China.
Pure Lithium’s roadshow features several key figures, including its founder, chairman, and CEO, Emillie Bodoin; co-founder, director, chief scientific officer, and MIT Emeritus Professor, Donald R. Sadoway; and company director, former Assistant Attorney General of the United States, and former Governor of Massachusetts, Bill Weld. Other important members of the management team will also be present.
You can learn more about Pure Lithium and its vision to revolutionize lithium battery production at purelithium.io
