TIDMALK
RNS Number : 0807O
Alkemy Capital Investments PLC
29 September 2023
29 September 2023
Alkemy Capital Investments Plc
Tees Valley Lithium & Weardale Lithium secure grant funding
to advance lithium production and refining in North East
England
Alkemy Capital Investments plc ("Alkemy") (ALK:LSE) (JV2:FRA)
and its wholly-owned subsidiary Tees Valley Lithium ("TVL") are
pleased to announce that TVL together with Weardale Lithium ("WL")
has secured a joint funding package of approximately GBP613,000,
which includes a grant of approximately GBP430,000 from Innovate
UK.
Innovate UK is the UK's national innovation agency. It drives
productivity and economic growth by supporting businesses to
develop and realise the potential of new ideas.
The funding provided under the Launchpad: Net Zero, CR&D
Tees Valley, R2 competition supports outstanding innovation
projects that grow activities in the Net Zero innovation cluster
centred on Tees Valley and supports the Government's goals in the
Levelling Up White Paper . Through collaborative research and
development, TVL and WL are building upon the Memorandum of
Understanding signed last year to evaluate the potential synergies
of both producing and refining lithium in the North East of
England.
The project is specifically concerned with novel methods for the
production and refinement of lithium extracted from geothermal
brine resources in the context of developing an integrated and
robust route from 'borehole to battery', all within the North-East
region. The funding will advance feasibility studies and scale-up
activities to further a battery-supply chain industrial hub and
include the evaluation of the potential for WL to supply lithium to
TVL for refining.
Sam Quinn, Director of Tees Valley Lithium, said:
"We are delighted to have received this grant from Innovate UK
and look forward to our collaboration with Weardale as we seek to
bring back high value manufacturing to the North East and help
develop a potential UK-based supply chain for the lithium
sector.
At Wilton in the Teesside Freeport, TVL is establishing Europe's
largest low-carbon merchant lithium hydroxide refinery. Each of the
four trains at Wilton will take feedstock in the form of lithium
sulphate or crude carbonate, to produce 24,000 tpa of battery-grade
lithium hydroxide (or carbonate equivalent) feeding directly into
the European and international battery cell manufacturers."
Stewart Dickson, CEO of Weardale Lithium, said:
"Weardale Lithium has the objective to become a UK supplier of
lithium from geothermal brines. This collaborative project with
Tees Valley Lithium is another important step in developing an
integrated and coherent supply of lithium in North East England. In
order to accelerate the adoption of electric vehicles and meet
net-zero targets, the UK needs to secure supply of lithium for
refining and production of battery-grade lithium hydroxide and
lithium carbonate.
Having been the first company to produce lithium carbonate from
geothermal brines in the North East earlier this year, we are
entering a scale-up phase. This collaboration with Tees Valley
Lithium is highly-beneficial for both parties as we both seek to
advance towards larger scale testing and construction of pilot
facilities. A local supply of high-value critical minerals products
should generate highly skilled science, technology and engineering
opportunities and at the same time, reducing the environmental
impacts and supply risks of imported raw materials".
Further information
For further information, please visit the Company's website:
www.alkemycapital.co.uk or www.teesvalleylithium.co.uk
-Ends-
Alkemy Capital Investments Plc Tel: 0207 317 0636
info@alkemycapital.co.uk
SI Capital Limited Tel: 0148 341 3500
VSA Capital Limited Tel: 0203 005 5000
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 UK 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, through its wholly owned Australian subsidiary Port
Hedland Lithium, has secured a 43.7 ha site near Port Hedland,
Western Australia to build a world-class sustainable lithium
sulphate refinery that will provide reliable feedstock for Tees
Valley Lithium's refinery. Port Hedland Lithium has completed a
Class 4 Feasibility Study for its proposed lithium sulphate
refinery, each train of which will process spodumene concentrate to
produce 40,000 tonnes of lithium sulphate annually.
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
UPDBCGDCSSDDGXI
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September 29, 2023 02:00 ET (06:00 GMT)
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