Cornish Lithium has raised 拢5.1m in its crowdfunding campaign on Crowdcube to build a sustainable, battery-grade 海角视频 lithium supply.

The Penryn-based company, which has undertaken a number of projects to demonstrate the commercial capability of lithium production in Cornwall, launched the campaign earlier in September.

The crowdfunding is one of the largest undertaken in the 海角视频 this year and is the largest on Crowdcube by a B2B business in 2023.

The crowdfunding was launched to provide Cornish Lithium鈥檚 existing shareholders, as well as new retail shareholders, the opportunity to invest alongside the 拢53.6m investment announced on August 8 this year by the 海角视频 Infrastructure Bank, the Energy and Minerals Group and TechMet.

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Existing shareholders received priority access to the financing round with Crowdcube, investing a milestone 拢1m in just 27 minutes.

The investment package together with the funds raised through the crowdfunding will enable Cornish Lithium to progress its hard rock lithium project to a construction-ready status, as well as complete the engineering design work required to build a demonstration-scale geothermal waters extraction facility.

Jeremy Wrathall, founder and chief executive of Cornish Lithium said: 鈥淲e were delighted to be able to offer our loyal existing shareholders the opportunity to invest alongside our institutional investors following our landmark 拢53.6m fundraise.

鈥淭he proceeds of the crowdfunding along with those from our landmark investment package will give us the balance sheet strength to materially progress our projects in order to provide a secure, domestic source of lithium and support the 海角视频鈥檚 automotive sector鈥檚 shift to EVs, while providing long term career opportunities for the communities around the project. We look forward to keeping existing and new shareholders informed as we progress our projects in Cornwall.鈥

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