Cornish Lithium Secures £35M to Advance Geothermal Lithium and Critical Mineral Projects in the UK

Cornish Lithium Secures £35M in Equity Funding A Milestone for UK Critical Minerals

In a major boost for the UK’s domestic battery supply ambitions, Cornish Lithium has announced that it has secured £35 million in new equity funding. This capital raise is intended to propel its key projects closer to construction and commercial stages, marking a pivotal moment in the firm’s trajectory.

Backing & Investors

The funding round is led by existing institutional backers, with up to £31 million coming from the National Wealth Fund(NWF), and approximately £4 million from TechMet, a long-standing investor in the company. Cornish Lithium’s legal counsel for the deal was Mayer Brown.

What the Funds Will Be Used For

Cornish Lithium will allocate the capital toward advancing two flagship projects:

Trelavour Lithium Project: The funds will support further engineering work, feasibility studies, and help lead the project toward a construction decision.
Cross Lanes Geothermal Lithium Project: The company aims to press ahead with commercial drilling, combining geothermal energy with lithium extraction.

These steps are intended to de-risk the projects and bring them closer to full production capability.

In addition, Cornish Lithium plans to launch a crowdfunding round via Crowdcube, giving wider shareholders and supporters a chance to participate in its next growth phase.

Conditions & Next Steps

The investment is subject to certain conditions, including:

Shareholder approval at a General Meeting on 8 October 2025
Sign-off from the UK Takeover Panel
Compliance with the National Security and Investment Act 2021

If all goes to plan, Cornish Lithium expects to unlock momentum toward commercial production and strengthen the UK’s supply of lithium, a critical component in battery manufacturing.

Significance & Broader Impacts

This funding round is more than a financial milestone it reflects the increasing importance of critical minerals sovereignty and green industrial strategy in the UK. As demand for lithium used in electric vehicles, energy storage, and electronics continues to surge globally, securing domestic sources becomes strategically vital.

In the words of founder and Executive Chairman Jeremy Wrathall, the investment:

“marks an exciting step forward for Cornish Lithium as we move closer to construction decisions at our flagship projects.”

Ian Brown, interim CEO at NWF, added:

“A resilient domestic supply chain of lithium is critical as we transition towards net zero. Our financing will help Cornish Lithium progress towards commercial production, creating good year-round jobs, boosting local economic growth…”

And from TechMet’s side, the view is similarly ambitious Cornish’s projects will play a role in supplying lithium not only for the UK, but potentially for markets in Europe and the U.S.

Challenges & Risks to Watch

While the funding is a strong vote of confidence, there are a few caveats worth keeping in mind:

Permitting and regulatory risk: The projects still need various approvals under national security and investment regulations.
Technical and geological risk: Scaling mining, extraction, and processing of lithium especially in temperate climates using geothermal or other novel techniques is complex.
Market dynamics: Lithium prices, supply chain competition, and global policy shifts can all influence commercial viability.
Execution risk: Turning advanced studies into operating mines/plants is capital-intensive and operationally challenging.

Final Thoughts

Cornish Lithium’s £35M funding round signals strong institutional support and a critical step toward maturing its Cornwall-based lithium ambitions. If successful, these projects could contribute significantly to the UK’s aspirations for a domestic battery supply chain, adding value locally and strengthening energy transition resilience.

Source: Cornish Lithium

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