Pure Lithium, a Boston-based lithium metal battery technology company, secured an investment of $15 million in Series A funding from Oxy Low Carbon Ventures (OLCV), a subsidiary of Occidental (Oxy) dedicated to 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.
Pure Lithium specializes in the development of battery-ready pure lithium metal electrodes crafted from a range of readily available lithium salts. The technology claims to eliminate 90% of the costs involved with traditional lithium metal foil production and produces a protected battery-ready electrode.
“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.” said Emilie Bodoin, Founder and CEO of Pure Lithium.
The funding will be used to accelerate the development and commercialization of Pure Lithium’s technology. The company also plans to tap into the electrochemical processing expertise that Oxy’s chemical business provides.
“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.”
According to Mercom’s Annual and Q4 2023 Funding and M&A Report for Storage & Smart Grid, Venture capital (VC/PE) funding in Energy Storage in 2023 was the highest ever recorded, increasing 59% year-over-year (YoY), with $9.2 billion in 86 deals compared to the $5.8 billion raised in 96 deals in 2022.
