Cornish Lithium has launched a crowdfunding campaign on Crowdcube to raise funds to build a sustainable, battery-grade º£½ÇÊÓƵ lithium supply.
The Penryn-based company, which has undertaken a number of projects to demonstrate the commercial capability of lithium production in Cornwall, has already raised more than £3m through existing shareholders in its latest round and has now opened the Crowdcube campaign to the wider public.
With an offer of up to £6.9m, the campaign describes itself an opportunity for existing and new investors to be part of Cornish Lithium’s journey as it supports the automotive industry and helps the º£½ÇÊÓƵ transition towards net zero.
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Existing shareholders have received priority access to the financing round with Crowdcube, investing £1m in just 27 minutes.
On August 8 the company received £53.6m initial investment from a group of institutional investors led by the º£½ÇÊÓƵ Infrastructure Bank, alongside The Energy & Minerals Group and TechMet.
In June, it was reported that the company was looking for short-term funding to allow itself time to secure a long-term financial agreement. In its annual report, Cornish Lithium said it needed a cash injection of £10m to "ensure the business can meet its financial commitments" after July 2023 and fulfil its development objectives over the next 12 months.
Cornish Lithium is only one of a few companies in the º£½ÇÊÓƵ aiming to produce the element that is a vital material in car battery production. The º£½ÇÊÓƵ doesn't produce its lithium currently, which Cornish Lithium hopes to change by 2026.
Bosses at the mining company said the investment package from TechMet coupled with this new crowdfunding campaign will enable Cornish Lithium to progress its hard rock lithium project to a construction-ready status, as well as completed the engineering design work required to build a demonstration-scale geothermal waters extraction facility.
Jeremy Wrathall, founder and chief executive of Cornish Lithium said: “We are delighted to have been able to offer existing shareholders the opportunity to invest further in Cornish Lithium and to open it out to new shareholders. The appetite to help us succeed in our ambitions has already been overwhelmingly positive.
“This is an opportunity to invest in a British company doing great things for the º£½ÇÊÓƵ’s Green Revolution.â€
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