A company behind a project to extract huge amounts of lithium from Cornwall has raised 拢35m in equity funding.
Mineral development business Cornish Lithium said the round included up to 拢31m from the government-backed National Wealth Fund.
The company鈥檚 long standing institutional investor, TechMet, was also a participant in the raise, which is subject to shareholder approval,
The Penryn-based firm is working to extract lithium - key for making batteries for electric vehicles as well as smartphones and laptops - using a new technology, which it claims will produce fewer carbon emissions than other processes used worldwide.
It said the latest investment would be used to progress its Trelavour Lithium Project towards a construction decision and its Cross Lanes Geothermal Lithium Project towards commercial drilling.
It will also be used to allow Cornish Lithium to complete a feasibility study for its Trelavour Lithium Project and finish testing of its low-carbon processing technology at its Trelavour Demonstration Plant, the firm said.
Jeremy Wrathall, founder and executive chairman, said: 鈥淲e are delighted to have the continued backing of NWF and TechMet, and to be able to offer our wider shareholder base the opportunity to invest alongside them.
"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 海角视频 industry and to support development of the domestic battery industry.鈥
Cornish Lithium is also planning to launch a new fundraising round on the Crowdcube platform. The campaign is expected to launch shortly after the necessary shareholder approvals have been obtained following a general meeting of the company鈥檚 shareholders on October 8.
The crowdfunding will give existing holders of ordinary shares in the capital of the company priority to subscribe for ordinary shares and after that new investors will be invited to invest.
Ian Brown, interim chief executive at NWF, said: 鈥淎 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.鈥
Brian Menell, chairman and chief executive of TechMet, added: 鈥淐ornish Lithium and its flagship projects will play an important role in developing a secure, resilient supply of lithium for the 海角视频, Europe, and the US to feed the cornerstone industries of the 21st century economy."
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