I-Pulse's Pulsed-Power Revolution: A Strategic Play for Mining's Energy Transition

The global mining industry stands at a crossroads. With aging deposits, declining ore grades, and surging demand for critical minerals to fuel the energy transition, operators face mounting pressure to innovate. Enter I-Pulse, a trailblazer in pulsed-power technology, whose recent partnerships with Codelco and BHP—and its broader vision for sustainable mining—position it as a high-impact investment opportunity.

Pulsed-Power: The Game-Changer in Mining Efficiency

I-Pulse's core technology leverages high-intensity electrical discharges to shatter rock formations, targeting tensile weaknesses with minimal energy input. This approach, developed in collaboration with I-ROX (a joint venture with Breakthrough Energy Ventures-Europe), promises to reduce energy consumption in comminution—the most energy-intensive stage of mining—by up to 80%. By replacing traditional mechanical methods, which account for 40% of a mine's electricity use, pulsed power slashes costs and carbon emissions while improving operational safety.

The strategic value of this technology is underscored by its alignment with two megatrends: resource scarcity and climate regulation. As governments enforce stricter emissions targets, mining firms must adopt greener practices to retain social and regulatory licenses. I-Pulse's solutions directly address this need, offering a scalable pathway to decarbonize an industry that contributes 4% of global CO₂ emissions.

Strategic Alliances with Industry Giants

I-Pulse's credibility and scalability are reinforced by its partnerships with Codelco and BHP—two of the mining sector's most influential players.

• Codelco (Chile's state-owned giant): In May 2025, I-Pulse signed a Letter of Intent with Codelco to co-develop pulsed-power applications for rock fragmentation, precision cutting, and drilling. Codelco's CEO, Máximo Pacheco, emphasized that the technology aligns with the company's goal to lead sustainable mining, particularly in energy-intensive comminution. Given Chile's dominance in copper production (30% of global supply), this partnership could set a precedent for widespread adoption.

• BHP: Earlier in 2025, BHP invested in I-ROX to explore pulsed-power's potential in reducing greenhouse gas emissions. BHP's equity stake signals confidence in the technology's ability to meet its 2030 decarbonization targets. The collaboration also taps into BHP's expertise in scaling innovations, accelerating I-Pulse's path to commercialization.

These alliances are not mere gestures; they reflect a calculated strategy to integrate pulsed power into the core operations of mining giants. For investors, this means reduced risk and faster time-to-market compared to startups reliant on niche clients.

Financial Realities: A Cautious Optimist's View

While I-Pulse's recent $79.36M funding round (July 2023) is notable, the confusion with Orca AI's $72.5M raise (attributed to maritime AI navigation) highlights a critical need for clarity. I-Pulse's total funding of $251.87M across five rounds, including undisclosed investors in its latest round, underscores its ability to attract capital. However, the lack of public valuation data and fund usage specifics remains a challenge for transparency.

That said, the company's financial trajectory is promising. With BHP's investment and Codelco's endorsement, I-Pulse is likely allocating funds to R&D, pilot projects, and infrastructure expansion. The absence of a disclosed valuation may be a strategic advantage, allowing the company to scale without public market scrutiny.

Investment Thesis: High Risk, High Reward

For investors, I-Pulse represents a bet on the confluence of technological innovation and industrial necessity. Key drivers include:

1. Energy Transition Demand: The global push for clean energy will require 150% more copper by 2050. Pulsed-power technology can make this surge in mining more sustainable, aligning with ESG-focused portfolios.
2. Cost Arbitrage: Reducing energy use by 80% creates a compelling value proposition for cash-strapped miners. With energy costs accounting for up to 30% of operational expenses, I-Pulse's solutions could drive rapid ROI.
3. First-Mover Advantage: Codelco and BHP's early adoption positions I-Pulse to dominate the pulsed-power niche before competitors scale.

However, risks persist. The technology is still in the pilot phase, and scaling from lab to mine-wide operations requires overcoming technical and logistical hurdles. Regulatory delays or shifts in mining policy could also disrupt timelines.

Conclusion: A Disruptor with Legs

I-Pulse's pulsed-power technology is not just a niche innovation—it's a structural shift in mining. By addressing energy consumption, operational costs, and environmental impact, the company is poised to redefine industry standards. While the financials lack transparency, the strategic partnerships with Codelco and BHP provide a robust foundation for growth.

For investors with a high-risk tolerance and a focus on long-term industrial transformation, I-Pulse offers a compelling case. The key is to monitor milestones—such as successful pilot results or expanded partnerships—and position for entry before the technology's impact becomes mainstream. In an industry desperate for disruption, I-Pulse is not just a player; it's a catalyst.