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Saudi investment firm Energy Capital Group has invested in US-based Pure Lithium, which specialises in batteries made of lithium metal.
The company did not disclose the value of the investment.
It said it is leading discussions with potential investors and partners in Saudi Arabia to provide the right platform for Pure Lithium to expand in the region.
The latest fundraising for the US firm is led by American-Canadian billionaire mining investor Robert Friedland.
Headquartered in Boston, Pure Lithium seeks to establish an “entire contained supply chain” in Saudi Arabia, according to a statement on Wednesday.
The company has introduced a battery technology that seeks to phase out today’s lithium-ion (Li-ion) batteries. Its lithium metal rechargeable product is lighter than Li-ion batteries, costs a lot less to manufacture and eliminates the need for graphite, nickel, cobalt and manganese.
The battery can also be manufactured in just three days, compared to more than 500 days to make lithium-ion.
The company said it can achieve a cost of manufacturing at less than $50/kWh, compared to about $150/kWh for today’s Li-ion.
“[Energy Capital’s] 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.
Energy Capital and Pure Lithium could also form a joint venture in the future, following the investment, the statement noted.
(Writing by Cleofe Maceda; editing by Seban Scaria)
