Geothermal Engineering Limited (GEL), the UK’s leading developer of geothermal power and critical minerals extraction, has secured £10 million in financing from Dutch Bank ABN AMRO.
The funding will help fund both expansion of lithium production at GEL's United Downs plant and allow for preparation of further sites in Cornwall where the company already has planning permission. The backing of a major bank also enables GEL to start the process of raising significant capital for further expansion in the UK.
The United Downs deep geothermal power plant started power production in February 2026 and is the UK’s first integrated deep geothermal power and commercial-scale lithium production project. The first plant will deliver 3MWe of baseload electricity which is being sold via Octopus Energy to power around 10,000 UK homes.
The geothermal fluid at United Downs contains over 340 parts per million (ppm) of lithium making it one of the highest concentrations found in any well to date in the world. The team at GEL intends to use this financing to expand its direct lithium extraction (DLE) production from 100 tonnes of lithium carbonate per annum to close to 2,000 tonnes per annum by 2028/9. GEL is targeting production of over 18,000 tpa over the next decade from multiple sites in the UK.
GEL is also working on new and larger geothermal power projects across the county, and aims to produce a minimum of 25 MWe of renewable electricity across GEL’s portfolio over the next 10 years. It has further sites in Cornwall which have already received planning permission and are each anticipated to deliver at least 5 MWe of baseload power which is enough to power around 70,000 UK homes. The financing from ABN AMRO will also be used to start preparing these sites for drilling.
GEL has also received funding from Thrive Renewables plc, Kerogen Capital, the European Regional Development Fund and Cornwall Council.
Industry Minister Chris McDonald said: “We need critical minerals for everything, from the phones we use to the cars we drive, and this £10m boost for GEL is not only vital for ramping up domestic lithium production and creating local jobs, but a big step forward for geothermal power production in the UK."
Ryan Law, CEO of GEL, said: “Following the switch on of the UK’s first geothermal power and commercial-scale lithium production last month, this represents a cornerstone financing to help GEL realise our geothermal and critical minerals ambitions in the UK. It is exciting to have a partnership with ABN AMRO, with their experience of financing other European geothermal lithium projects.
“At a time of significant instability in global energy and mineral supplies, it is essential we start to realise the UK potential of 24/7 geothermal power and critical mineral production. GEL now represents a huge opportunity for both investors and government to get involved and help the sector to expand.”