Cornish Lithium has secured an investment package of up to £18 million ($24 million) from metals investment company TechMet. Cornish Lithium seeks to create a domestic supply of lithium and other battery metals for the UK. The company expects to benefit from TechMet’s knowledge of the battery metals supply chain, and its commercial and strategic relationships. Simon Gardner-Bond from TechMet will join the Cornish Lithium Board.
The new funding will enable Cornish Lithium to accelerate several projects, including the construction of a hydrometallurgical demonstration plant. The plant will help the company to optimize the low-carbon Lepidico processing technology for which it secured a 15-year royalty-free license in 2020. The company also plans to continue drilling geothermal evaluation boreholes and developing associated direct lithium extraction sites to continue the search for lithium contained in geothermal waters. These geothermal studies will also explore the possibility of using heat from the boreholes to decarbonize local industries in Cornwall.
“This funding underpins the ambitions in Cornwall as we seek to progress our projects towards construction and commercial production. TechMet’s mission of building ethical and environmentally sound supply chains for the metals needed to ensure the success of the EV revolution is fully aligned with that of Cornish Lithium,” said Jeremy Wrathall, CEO of Cornish Lithium. “A material lithium supply gap is looming, especially in the UK, given the requirement for an estimated 75,000 tons of lithium carbonate equivalent by 2035. Cornish Lithium intends to position itself as a key player in the necessary supply chains to bridge that gap.”
Source: Cornish Lithium