The US-based battery maker Pure Lithium has announced it has received a letter of interest from the Export-Import Bank of the United States (EXIM) for a debt funding package of $300 million.
If received, this funding would go towards the Boston-based firm’s first industrial-scale lithium metal vanadium battery manufacturing facility, it said.
Over 12 years, the loan would be repaid under EXIM’s American manufacturing initiative.
This initiative is focused on strengthening US manufacturing in sectors it claims are vital to US national security.
The company believes any transaction could be eligible for special consideration under Section 402 of EXIM’s 2019 reauthorisation.
This states that EXIM can take steps to mitigate the competitive impact of exports from China or other covered countries.
EXIM has a specific programme focused on Chinese exports, which it said can provide financial support to projects with at least 51% of its contents being US-made.
The bank would also reduce fees, extend repayment terms and provide other tailored support to US companies.
Emilie Bodoin, founder and CEO, Pure Lithium, said: “This project will be very impactful for U.S. manufacturing in the crucial sector of energy storage. Our disruptive Brine to Battery™ technology will enable the creation of the first complete U.S.-based battery supply chain, from sourcing the materials to producing the finished product. Domestic battery production is imperative for U.S. energy and national security. Additionally, this will boost U.S. competitiveness globally – in line with the objectives of EXIM.”
