Cornish Lithium has secured further investment from the National Wealth Fund (NWF) to enable the company to develop a secure supply of lithium to the UK.
The new investment, comprised of £35mn of equity funding (including £31mn from the NWF), is designed to advance the company’s projects to the next stage of development. TechMet, Cornish Lithium’s longstanding institutional investor, will participate alongside NWF in this funding round.
Together with additional funds raised from crowdfunding, the investment will be used to progress the company’s Trelavour Lithium project towards a construction decision and its Cross Lanes Geothermal Lithium Project towards commercial drilling.
The investment will also enable Cornish Lithium to complete the Feasibility Study for its Trelavour Lithium Project and finish testing of its low-carbon processing technology at the Demonstration Plant.
Jeremy Wrathall, Founder and Executive Chairman of Cornish Lithium, said, “This funding marks an exciting step forward for Cornish Lithium as we move closer to construction decisions at our flagship projects. We have made significant progress since our last fundraising round and these new funds will enable Cornish Lithium to continue the journey towards securing a supply of lithium for the UK industry and to support development of the domestic battery industry.”
Interim CEO of NWF, Ian Brown, commented, “A resilient domestic supply chain of lithium is critical as we transition towards net zero. Our financing will help Cornish Lithium progress towards commercial production, creating good year-round jobs, boosting local economic growth and helping ground Cornwall as an industrial cluster for critical minerals.”