No quite, but kind of.
Lithium air energy storage uses lithium and combines it with oxygen in the air to form lithium peroxide, and back again.
So when the battery is discharging, oxygen and Lithium reacts to form Lithium peroxide, and then when the battery recharges, this is broken back down into lithium and oxygen.
Using air as one of the two reactant material means the battery saves on space and weight which could make Lithium air batteries 5 to 10 times more energy dense than the existing Lithium Ion batteries available today.
The resulting impact on applications like electric vehicles, drones & mobile electronics could be huge. And the technology could even lead to advancements in battery powered air transportation.
Of course there are still tech development challenges but recent advancements by the University of Illinois at Chicago are showing signs for optimism.