Saudi Arabian fund Energy Capital Group has invested in Pure Lithium, a US-based firm specialising in lithium metal batteries, as part of its plan to support disruptive technology.
The fund-raising for the company was led by board member and billionaire mining investor Robert Friedland, Energy Capital Group said in a statement on Wednesday.
The Saudi company is engaged in discussions with potential investors and partners in the kingdom to support Pure Lithium’s expansion in the region, it added.
The financial value of the funding round was not disclosed.
"Lithium metal batteries have long been regarded as the ultimate energy storage solution slated to displace today’s lithium-ion (Li-ion) batteries," the statement said.
Li-ion battery is a type of rechargeable battery used in electric vehicles and a number of portable electronics.
“This 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.
Pure Lithium plans to establish an entire supply chain in Saudi Arabia, using its proprietary technology, which helps in extracting lithium from oil field brines, a by-product of oil and gas production.
“We are thrilled with Energy Capital Group’s investment in Pure Lithium. They recognise the value and impact we can have in the kingdom by unlocking oilfield brines to create a battery-ready electrode, eliminating 90 per cent of the current associated costs,” said Emilie Bodoin, founder and chief executive of Pure Lithium.
“Additionally, we are excited to develop the safest battery for the climate of the kingdom, and further empower the kingdom to utilise our technology on a large scale.”
Energy Capital Group is an energy related services fund linked to Aramco’s IKTVA (in kingdom total value add) and Vision 2030 programmes, with a focus on addressing current supply market constraints to the energy and industrial value chain and asset base, according to its website.
Energy Capital Group said it could potentially form a joint venture with Pure Lithium in the future.
“Energy Capital Group is well-positioned to support the growth of the company and contribute to the development of the lithium and battery industries in the region,” the fund said.
Saudi Arabia, the Arab world’s largest economy, is in the middle of a major economic diversification drive under its Vision 2030 agenda.
Ceer – Saudi Arabia's first EV brand – was launched last year, as the country aims to boost its manufacturing sector under its diversification plan.
It will design, manufacture and sell a range of vehicles for consumers in Saudi Arabia and the Mena region – including sedans and sports utility vehicles.
The brand’s first electric vehicles are scheduled to be available in 2025.
Ceer is expected to attract more than 562 million Saudi riyals ($149 million) of foreign direct investment and create up to 30,000 direct and indirect jobs.
In June, EV maker Lucid Group raised about $3 billion through a stock offering, with the majority of that coming from its current investor, Saudi Arabia's sovereign wealth fund, the Public Investment Fund.
The PIF, which owns about 60.5 per cent of Lucid, agreed to purchase more than 265 million shares of the car maker's common stock in a private placement for about $1.8 billion.
Global electric car sales are set to surge by 35 per cent this year, helped by government subsidies and the tightening of carbon dioxide emissions standards, according to the International Energy Agency.
Electric car sales are projected to reach 14 million in 2023 from 10 million last year, the Paris-based agency said in its Global Electric Vehicle Outlook in April.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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What is a Ponzi scheme?
A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.
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Hales' batting career
Tests 11; Runs 573; 100s 0; 50s 5; Avg 27.38; Best 94
ODIs 58; Runs 1,957; 100s 5; 50s 11; Avg 36.24; Best 171
T20s 52; Runs 1,456; 100s 1; 50s 7; Avg 31.65; Best 116 not out
Global state-owned investor ranking by size
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Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
Sinopharm vaccine explained
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
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Profile of Foodics
Founders: Ahmad AlZaini and Mosab AlOthmani
Based: Riyadh
Sector: Software
Employees: 150
Amount raised: $8m through seed and Series A - Series B raise ongoing
Funders: Raed Advanced Investment Co, Al-Riyadh Al Walid Investment Co, 500 Falcons, SWM Investment, AlShoaibah SPV, Faith Capital, Technology Investments Co, Savour Holding, Future Resources, Derayah Custody Co.
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Profile
Company name: Jaib
Started: January 2018
Co-founders: Fouad Jeryes and Sinan Taifour
Based: Jordan
Sector: FinTech
Total transactions: over $800,000 since January, 2018
Investors in Jaib's mother company Alpha Apps: Aramex and 500 Startups
Is it worth it? We put cheesecake frap to the test.
The verdict from the nutritionists is damning. But does a cheesecake frappuccino taste good enough to merit the indulgence?
My advice is to only go there if you have unusually sweet tooth. I like my puddings, but this was a bit much even for me. The first hit is a winner, but it's downhill, slowly, from there. Each sip is a little less satisfying than the last, and maybe it was just all that sugar, but it isn't long before the rush is replaced by a creeping remorse. And half of the thing is still left.
The caramel version is far superior to the blueberry, too. If someone put a full caramel cheesecake through a liquidiser and scooped out the contents, it would probably taste something like this. Blueberry, on the other hand, has more of an artificial taste. It's like someone has tried to invent this drink in a lab, and while early results were promising, they're still in the testing phase. It isn't terrible, but something isn't quite right either.
So if you want an experience, go for a small, and opt for the caramel. But if you want a cheesecake, it's probably more satisfying, and not quite as unhealthy, to just order the real thing.
RESULT
West Brom 2 Liverpool 2
West Brom: Livermore (79'), Rondón (88' )
Liverpool: Ings (4'), Salah (72')
In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
