Cornish Lithium has secured an £18 million funding package from leading technology metals investment company TechMet Limited.
The fresh financing will allow the company to step up activities towards creating a domestic supply of lithium and other battery metals for the UK.
The investment represents a key milestone for Cornish Lithium, given that it is the first investment it has secured from a financial institution. Cornish Lithium expects to benefit from TechMet’s “deep knowledge” of the battery metals supply chain and extensive commercial and strategic relationships.
Cornish Lithium CEO and founder Jeremy Wrathall said: “We are delighted to welcome such a prestigious investor to Cornish Lithium. TechMet’s support validates the extensive work we have completed in Cornwall since the company was founded in May 2016.
“The investment by TechMet, combined with the proceeds of the recent crowdfunding campaign, will provide the balance sheet strength and financial certainty to enable us to progress our projects and to create value for all our shareholders.”
The investment will occur in two tranches: The first tranche of £9 million to be invested upon receipt of shareholder approval and the second tranche of £9 million will be invested, at the option of TechMet, following the delivery of the Scoping Study for the Trelavour Hard Rock Project, which is on track for completion in Q2 2022.
As a result of the agreement, TechMet’s CTO, Simon Gardner-Bond, will join the Cornish Lithium Board.