Cornish Lithium raises £35m equity funding to advance UK lithium and geothermal projects
Lithium producer and geothermal developer Cornish Lithium has secured another £35 million in equity funding, led by the UK’s sovereign wealth fund.
Cornish Lithium has announced a further cornerstone investment of £35 million from institutional investors led by the National Wealth Fund, the sovereign wealth fund of the UK. The investment will go towards progressing of the company’s Trevalour Lithium Project towards a construction decision, as well as the Cross Lanes Geothermal Lithium Project towards commercial drilling.
The new investment comprises £35m of equity funding, including up to £31m from the NWF. This adds to the £53 million that the NWF (then-known as the UK Infrastructure Bank) invested in Cornish Lithium back in 2023.
The company’s long standing institutional investor, TechMet, has chosen to participate alongside NWF in this funding round. The funding is subject to various conditions including, inter alia, shareholder approval at a General Meeting scheduled for 8 October 2025, sign off from the UK Takeover Panel and the relevant approvals being obtained under the National Security and Investment Act 2021.
“We are delighted to have the continued backing of NWF and TechMet, and to be able to offer our wider shareholder base the opportunity to invest alongside them. This funding marks an exciting step forward for Cornish Lithium as we move closer to construction decisions at our flagship projects,” said Jeremny Wrathall, Founder and Executive Chairman of Cornish Lithium.
“We have made significant progress since our last fundraising round and these new funds will enable Cornish Lithium to continue the journey towards securing a supply of lithium for UK industry and to support development of the domestic battery industry.”
Founded in 2016, Cornish Lithium is an innovative mineral exploration and development company pioneering clean extraction of lithium in the UK. Earlier this year, the company secured planning consent for the Cross Lanes Geothermal Lithium Project, planned to be the UK’s first geothermal lithium production facility. The project will involve the drilling and testing of two production-scale geothermal wells drilled to around 2000 meters depth. The aim to extract lithium from the enriched brine while also harnessing heat for supply to local homes and businesses.
Cornish Lithium is also working on the Trelavour Lithium Project which aims to produce 10,000 tonnes per year of battery-grade lithium hydroxide by rejuvenating and existing pit and through the use of a new process technology. In 2024, the company launched the first lithium hydroxide demonstration plant as part of the Trelavour project. The plant processes lithium-enriched granite from a former china clay pit to produce battery-grade lithium hydroxide.
Source: National Wealth Fund