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’s lithium hydroxide refinery at Teesside, UK has received first phase approval from the UK Government’s £1 billion Automotive Transformation Fund (” ATF “) which seeks to support the national transition to Electric Vehicles.
· TVL has received approval of its expression of interest from the UK Automotive Transport Fund.
· The UK Automotive Transformation Fund is a funding programme created to support large-scale industrialisation and will invest up to £1 billion to develop a high-value end-to-end electrified automotive supply chain in the UK.
The ATF is a long-term programme designed to enable the UK to build the world’s most comprehensive and compelling electrified vehicle supply chain, supporting over 160,000 jobs and creating export opportunities. It is an iniative of the Advanced Propulsion Centre UK, which provides funding, support and insight to help the nation’s automotive industry transition towards a Net Zero future.
TVL’s world-class zero waste lithium hydroxide refinery 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.
Alkemy and TVL Director Sam Quinn commented:
“We welcome the first phase approval of our project proposal by the Automotive Transformation Fund and look forward to working with the UK Government on the development of our transformative lithium hydroxide project in Teesside, which will be central to the transition to electric vehicles in the UK and an important step on the journey to our Net Zero future.”
Alkemy Capital Investments Plc
Tel: 0207 317 0636