TIDMALK
RNS Number : 0891P
Alkemy Capital Investments PLC
07 February 2023
7 February 2023
Alkemy Capital Investments Plc
Tees Valley Lithium enters into MOU with Recharge Industries to
supply Lithium Hydroxide
Alkemy Capital Investments plc ("Alkemy") (ALK:LSE) (JV2:FRA)
and its wholly-owned subsidiary Tees Valley Lithium Limited (" TVL
") are pleased to report that TVL has entered into an MOU with
Recharge Industries Pty Ltd (" Recharge ") for Lithium Hydroxide
tolling and Spodumene sourcing.
HIGHLIGHTS
-- Recharge is an Australian Lithium-ion battery company who
have successfully bid to purchase Britishvolt, a planned GBP3.8
billlion Lithium-ion Gigafactory in Northern England
-- TVL and Recharge have agreed to negotiate toward executing a
definitive offtake agreement to supply tolled low-carbon lithium
hydroxide into Recharge's qualified supply chain and to potentially
jointly source spodumene for TVL's processing facilities
-- Recharge is currently developing Australia's first
large-scale lithium-ion cell production facility in Geelong,
Australia.
Following Recharge's successful bid to acquire Britishvolt, a
GBP3.8 billion Gigafactory planned to be built in Blyth in
Northumberland and under an MOU with Recharge, TVL has agreed to
supply tolled lithium hydroxide to Recharge from its facility in
Teesside. Both companies will continue good-faith negotiations,
aiming toward a definitive offtake and supply agreement.
In addition, both TVL and Recharge have agreed to work together
to jointly source lithium spodumene to be used in TVL's refinery in
Port Hedland, Western Australia for conversion to lithium suphate
to be shipped to Teesside, UK for conversion into lithium
hydroxide.
Recharge has sought the support of TVL to safeguard the supply
of critical minerals into both its Geelong (Avalon) and
Northumberland gigafactories. The significant offtake envisaged
under the MOU enables long term planning and production forecasting
and strengthens its own battery offtake agreements and existing
supply chain. Recharge will make its supply of lithium hydroxide
available to its active Cathode supplier with whom its holds a
strong and strategic relationship.
Recharge is backed by New York based investment firm Scale
Facilitation and is currently in the process of building a
gigafactory at Avalon near Geelong, Australia and is also involved
in battery technology research and development.
TVL's world-class zero waste lithium hydroxide refinery in
Teesside, UK will form a significant component of the UK's
transition to Electric Vehicles and is expected to produce enough
lithium hydroxide to supply 100% of the forecasted automotive
demand in the UK by 2030.
The project has been granted full planning permission from
Redcar & Cleveland Borough council and is now shovel ready with
production forecast to commence in 2025, generating over 1,000
local jobs.
By sourcing low carbon feedstock and powering an electrochemical
refining process with offshore wind and green hydrogen supplied by
energy multinational BP's HyGreen Teesside project, TVL aims to
supply its UK and European customers with the world's lowest-carbon
lithium hydroxide.
Recharge Founder David A. Collard commented:
" This MOU links two like minded companies to enable the
critical mineral supply chain needed to build significant battery
manufacturing capability in Australia, the US and the UK and
underscores our intent to revive the fortunes of Britishvolt. We
look forward to integrating lithium hydroxide from TVL into our
established and high performing supply chain."
Alkemy and TVL Director Sam Quinn commented:
"We are delighted to announce our new partnership with Recharge
Industries, a company which shares our philosophy and vision of
powering the transition to a low-carbon and low-emissions future
through the development of onshore UK facilities in the EV and
battery cell supply chain."
Further information
For further information, please visit Alkemy's website:
www.alkemycapital.co.uk or TVL's website
www.teesvalleylithium.co.uk .
-Ends-
Alkemy Capital Investments Plc Tel: 0207 317 0636
Sam Quinn info@alkemycapital.co.uk
VSA Capital Limited Tel: 0203 005 5000
Andrew Monk (Corporate Broking)
Andrew Raca (Corporate Finance)
Shard Capital Partners LLP Tel: 0207 186 9952
Damon Heath damon.heath@shardcapital.com
Tel: 0207 186 9927
Isabella Pierre isabella.pierre@shardcapital.com
NOTES TO EDITORS
Alkemy is seeking to establish the world's leading independent
and sustainable lithium hydroxide production by developing
state-of-the-art lithium sulphate and lithium hydroxide facilities
in Australia and the UK.
Alkemy, through its wholly-owned subsidiary Tees Valley Lithium,
has secured a 9.6 ha brownfields site with full planning permission
at the Wilton International Chemicals Park in Teesside, a major UK
Freeport, to build the UK's first and Europe's largest lithium
hydroxide processing facility.
Tees Valley Lithium has completed a Class 4 Feasibility Study
for its proposed lithium hydroxide refinery which will process
feedstock imported from various sources to produce 96,000 tonnes of
premium, low-carbon lithium hydroxide annually, representing around
15% of Europe's projected demand.
Alkemy has also secured a site near Port Hedland, Western
Australia to build a world-class sustainable lithium sulphate
refinery that will provide reliable feedstock for Tees Valley
Lithium.
Forward Looking Statements
This news release contains forward--looking information. The
statements are based on reasonable assumptions and expectations of
management and Alkemy provides no assurance that actual events will
meet management's expectations. In certain cases, forward--looking
information may be identified by such terms as "anticipates",
"believes", "could", "estimates", "expects", "may", "shall",
"will", or "would". Although Alkemy believes the expectations
expressed in such forward--looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those projected. Mining exploration and development
is an inherently risky business. In addition, factors that could
cause actual events to differ materially from the forward-looking
information stated herein include any factors which affect
decisions to pursue mineral exploration on the relevant property
and the ultimate exercise of option rights, which may include
changes in market conditions, changes in metal prices, general
economic and political conditions, environmental risks, and
community and non-governmental actions. Such factors will also
affect whether Alkemy will ultimately receive the benefits
anticipated pursuant to relevant agreements. This list is not
exhaustive of the factors that may affect any of the
forward--looking statements. These and other factors should be
considered carefully and readers should not place undue reliance on
forward-looking information.
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END
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February 07, 2023 02:00 ET (07:00 GMT)
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