Cornish Lithium has secured a landmark US$67 million (£53.6 million) initial investment from a group of major investors to strengthen the domestic lithium supply chain.
The UK Infrastructure Bank leads the funding package in its first direct equity investment, alongside The Energy & Minerals Group and Cornish Lithium’s largest existing institutional shareholder, TechMet. This funding will support the development of the UK’s critical minerals supply chain and accelerate growth towards the commercial production of lithium, which is vital for the UK’s transition to net-zero. It is part of a larger funding package of up to a further US$210 million.
The funding package is expected to significantly accelerate progress toward the creation of a domestic supply of battery grade lithium compounds, which is crucial to support the scaling up of domestic battery production for electric vehicles and battery energy storage solutions for renewable energy sources. The initial investment is part of a larger funding package of up to an additional US$210 million (c.£168.0 million) potential second-stage financing, which is expected to provide the equity foundation necessary for the pioneering mineral exploration and development company to achieve commercial production.
You can read more about this on the Cornish Lithium website here: https://cornishlithium.com/company-announcements/landmark-us67-million-investment-for-cornish-lithium/