Cornish Lithium has raised £53.6 million from three investors for a project to build a new lithium mine in Cornwall.
The new UK Infrastructure Bank has invested around £24 million and a US private equity investor, Energy & Mineral Group (EMG) invested around £24 million whilst TechMet who are currently a shareholder put in an extra £5.6 million.
In total TechMet’s total investment into the company is now £23.6 million who in part backed by the US government.
UK Infrastructure Bank chief executive John Flint said, “Our investment in Cornish Lithium perfectly encapsulates a key part of our mission – to drive forward new and emerging markets that the UK will rely on to meet its net zero goals, and which will deliver an enduring and positive impact on local economies.
“Globally, the supply of lithium is far outpaced by demand, and yet in the UK it remains a nascent market.
“Our investment has already crowded in private sector financing which will greatly accelerate domestic production of a mineral which is critical to the future of EV battery production and decarbonisation of the transport sector.”
Cornish Lithium founder and chief executive Jeremy Wrathall said the investment will be used to make one of its projects “construction ready.”
Wrathall said he hopes the projects will bring around 300 jobs to the region.
“These project milestones are expected to generate a significant value uplift for all of our shareholders and create substantial benefits for the local community,” Wrathall said.
“As well as creating job opportunities and fostering innovation, the investment signals confidence in our ambitions and will drive forward the modern-day renaissance of Cornwall’s 4,000-year mining heritage.
“It is also a positive development for the UK’s automotive industry and green industrial revolution.
“A domestic source of lithium will strengthen the UK’s car manufacturing supply chain and improve its competitiveness whilst reducing the carbon footprint associated with the manufacture of batteries and electric vehicles.”