Geothermal Engineering Limited (GEL) has secured £10 million in financing from ABN AMRO to help fund expansion of lithium production at its United Downs site in Cornwall. It will also allow for preparation to develop further sites in Cornwall where the company already has planning permission.
GEL said the backing of a major bank would enable it to start the process of raising significant capital for further expansion in the UK.
Ryan Law, CEO of GEL, said: “Following the switch on of the UK’s first geothermal power and commercial-scale lithium production last month, this represents a cornerstone financing to help GEL realise our geothermal and critical minerals ambitions in the UK. It is exciting to have a partnership with ABN AMRO, with their experience of financing other European geothermal lithium projects.”
He added, “… as Europe ramps up electric vehicle and battery power storage ambitions, we need to produce more of the critical minerals like lithium required for batteries to be sustainably sourced and produced without geopolitical risk.”
GEL said the geothermal fluid at United Downs contains over 340 parts per million (ppm) of lithium, one of the highest concentrations found in any well to date in the world. The team at GEL intends to use this financing to expand its direct lithium extraction (DLE) production from 100 tonnes of lithium carbonate per annum to close to 2,000 tonnes per annum by 2028/9. GEL is targeting production of over 18,000 tpa over the next decade from multiple sites in the UK.
GEL is also working on new and larger geothermal power projects across the county, and has set its sights on producing a minimum of 25MWe of renewable electricity across GEL’s portfolio over the next 10 years.