Pure Lithium Secures $300M Letter of Interest from the Export-Import Bank of the United States to Build U.S.-Based Lithium Metal Battery Manufacturing Facility
Pure Lithium Corporation, a groundbreaking innovator in the field of lithium metal battery technology, has announced a significant milestone in its journey toward advancing U.S.-based energy storage solutions. The company has received a Letter of Interest (LOI) from the Export-Import Bank of the United States (EXIM), outlining a potential $300 million debt funding package aimed at supporting the development of its first industrial-scale lithium metal vanadium battery manufacturing facility.
This project, expected to bolster both the U.S. manufacturing sector and national security, will leverage Pure Lithium’s novel Brine to Battery™ technology, which promises to revolutionize energy storage. The funding package, contingent on further due diligence and the finalization of the transaction, will provide the financial backbone to advance the facility’s construction, positioning Pure Lithium at the forefront of a rapidly evolving industry.
A Strategic Move for U.S. Manufacturing and National Security
The proposed facility, which will manufacture lithium metal batteries using Pure Lithium’s proprietary technology, represents a critical step in securing U.S. leadership in energy storage and the broader battery production ecosystem. By receiving this support from EXIM, Pure Lithium is one step closer to creating the first comprehensive U.S.-based battery supply chain—from material sourcing through to finished product assembly.
Pure Lithium’s founder and CEO, Emilie Bodoin, expressed immense enthusiasm about the development, emphasizing the broader impact on U.S. manufacturing:
“This project will be a game-changer for the U.S. manufacturing sector, particularly in the area of energy storage. Our Brine to Battery™ technology is set to revolutionize how batteries are produced and will allow the U.S. to establish a competitive edge in the global market. The production of lithium metal batteries within U.S. borders is crucial to both our energy security and our broader national security. This move aligns perfectly with EXIM’s mission to revitalize American manufacturing and enhance the global competitiveness of U.S. companies.”
EXIM’s Role in Supporting U.S. Manufacturing Excellence
EXIM’s involvement is a significant endorsement of the potential that Pure Lithium’s technology holds for both the domestic and international markets. The funding, which could cover up to $300 million of the total costs associated with the manufacturing facility, will be provided under EXIM’s Make More in America initiative (MMIA). MMIA is designed to strengthen U.S. manufacturing, focusing particularly on sectors critical to national security.
Through this initiative, EXIM aims to foster a more resilient and competitive U.S. manufacturing sector by facilitating export-oriented domestic projects. The funding will play an instrumental role in helping Pure Lithium scale its production capacity, ensuring that the company can meet both national and international demand for cutting-edge battery technologies.
EXIM’s support is also a strategic effort to ensure that the U.S. can maintain its competitive edge in an increasingly globalized marketplace. By investing in manufacturing capabilities that cater to industries vital to U.S. energy needs, the EXIM initiative bolsters the country’s standing as a leader in emerging technologies.
EXIM’s Commitment to Competitive Global Markets
Under Section 402 of EXIM’s 2019 reauthorization, the potential funding package may qualify for special consideration, positioning the project for enhanced support. This section enables EXIM to mitigate the competitive impact of export support from rival countries, particularly China, while advancing the U.S.’s leadership in critical transformational export areas. This is particularly pertinent in the context of lithium and battery manufacturing, where U.S. companies face fierce competition from international players.
EXIM’s China and Transformational Exports Program (CTEP) could provide Pure Lithium with several competitive advantages, such as reduced fees, extended repayment terms, and tailored financing policies. For any project to qualify under CTEP, the U.S. content must comprise at least 51% of the project’s value. This ensures that the funding directly benefits U.S. manufacturing capabilities, bolstering job creation and economic growth.
The combination of a potential $300 million in financing and special CTEP consideration positions Pure Lithium to play a pivotal role in the global lithium and battery markets, creating significant economic impact across the U.S. supply chain.
Strengthening U.S. Energy Security
Lithium-ion batteries are foundational to the future of energy storage, and their importance is only expected to grow with the rapid transition toward renewable energy systems and electric vehicles. Ensuring a secure and sustainable domestic supply of lithium batteries is critical not only for the advancement of these technologies but also for U.S. energy security.
In line with this, the U.S. government has recognized the need to develop a domestic battery manufacturing ecosystem to reduce reliance on foreign imports and to support the energy transition. By establishing its manufacturing facility, Pure Lithium will be contributing to the U.S.’s broader goal of securing a sustainable energy future. The facility will provide a reliable source of high-performance lithium metal batteries, thereby strengthening the U.S. position in global energy storage markets.
The Path Forward for Pure Lithium
Pure Lithium is poised for accelerated growth, and the LOI from EXIM is an integral step toward achieving its long-term goals. Upon final approval of the financing, EXIM will conduct a full due diligence process to assess the project’s feasibility. The funding commitment will depend on Pure Lithium’s ability to meet EXIM’s stringent underwriting criteria, as well as the finalization of the terms and conditions associated with the loan.
Pure Lithium’s Brine to Battery™ technology sets it apart from other players in the industry. Unlike traditional methods, which involve producing lithium compounds and assembling them into battery cells, Pure Lithium’s unique approach allows the direct extraction of lithium metal from brine sources, bypassing several production stages. This streamlined process results in a more cost-effective and efficient production cycle, while also eliminating the need for toxic materials like graphite, cobalt, nickel, and manganese.
This method not only significantly lowers the environmental impact of battery production but also enhances the overall safety and performance of the battery cells. With the ability to deliver higher energy densities and better safety profiles, Pure Lithium’s batteries have the potential to power everything from electric vehicles to large-scale energy storage systems with improved efficiency and reduced costs.
A Vision for the Future
As Pure Lithium advances its manufacturing facility plans, the company remains deeply committed to the U.S. workforce. The new facility is expected to create thousands of jobs, both directly and indirectly, as it requires a highly skilled workforce to oversee operations, engineering, manufacturing, and research and development. These jobs will be critical in driving the growth of U.S. battery production and energy storage systems, supporting economic revitalization in regions where manufacturing jobs have long been in decline.
Furthermore, the development of this facility will likely stimulate the U.S. supply chain, with a focus on sourcing materials and components locally. This will help strengthen the resilience of the domestic battery supply chain, reducing dependence on foreign sources of critical materials like lithium and rare earth elements.
Pure Lithium’s efforts are in alignment with broader initiatives aimed at boosting U.S. technological innovation and industrial competitiveness. The company’s commitment to developing state-of-the-art technologies will ensure that the U.S. remains a leader in next-generation energy storage solutions, while also supporting the country’s transition to renewable energy.
The $300 million funding package offered by the Export-Import Bank of the United States represents a transformative opportunity for Pure Lithium, the U.S. manufacturing sector, and the broader energy storage industry. With EXIM’s backing, Pure Lithium is on track to establish the first domestic lithium metal battery manufacturing facility, creating a comprehensive supply chain and strengthening national security.
The company’s innovative Brine to Battery™ technology, coupled with EXIM’s financial support, will help position the U.S. at the forefront of the global energy storage revolution. As Pure Lithium continues to advance its plans, it remains committed to developing sustainable and efficient energy solutions, contributing to both U.S. economic growth and environmental stewardship.
For more information about Pure Lithium and its groundbreaking technology, visit www.purelithium.io or contact [email protected].
About Pure Lithium
Pure Lithium is a Boston-based lithium metal battery technology company, pioneering the development of energy storage solutions using its proprietary Brine to Battery™ technology. Founded by lithium expert Emilie Bodoin and MIT Professor Donald R. Sadoway, the company is committed to revolutionizing battery production by eliminating harmful materials and enhancing cell performance. With a focus on safety, cost-efficiency, and sustainability, Pure Lithium is poised to transform the global battery industry.
About the Export-Import Bank of the United States
The Export-Import Bank of the United States (EXIM) is the U.S. government’s official export credit agency, designed to support American jobs by promoting U.S. exports. EXIM provides financing solutions such as export credit insurance, loan guarantees, and direct loans to help U.S. companies compete in the global market. Through its various programs, EXIM plays a vital role in strengthening the U.S. economy and supporting job creation across the country. To learn more, visit www.exim.gov.
