Pure Lithium Corporation, a lithium metal battery technology company, 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.
The funding would advance the development of the company’s first industrial-scale lithium metal vanadium battery manufacturing facility.
Based on preliminary information regarding expected U.S. exports and jobs supported by the project, EXIM will consider financing up to $300 million of the project’s costs with a repayment term of 12 years under EXIM’s Make More in America initiative (MMIA).
MMIA aims to strengthen U.S. manufacturing, particularly in sectors vital to national security, by providing financial support to export-oriented domestic projects. EXIM’s initiative seeks to revitalize American manufacturing, enhance supply chain resilience and level the playing field for U.S. companies in global markets.
Pure Lithium Founder and CEO Emilie Bodoin 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."
The potential transaction may be eligible for special consideration under Section 402 of EXIM's 2019 reauthorization, which directs EXIM to take steps to mitigate the competitive impact of export support provided by the People's Republic of China and other covered countries and/or to advance the comparative leadership of the United States in Transformational Export Areas.
The China and Transformational Exports Program (CTEP) is an EXIM program established to help U.S. exporters compete with Chinese companies and ensure U.S. leadership in emerging technologies. Through CTEP, U.S. companies can benefit from reduced fees, extended repayment terms, and other tailored policies, with financing support available for projects with at least 51% U.S. content.
Upon receipt of an application for financing, EXIM will conduct all requisite due diligence necessary to determine if a final commitment may be issued for this transaction. Any final commitment will be dependent on meeting EXIM's underwriting criteria, authorization process, and finalization and satisfaction of terms and conditions.
