Northern Lithium is gearing up for a substantial £6 million fundraising campaign. This move comes on the heels of successful trials that significantly advanced the company’s lithium production capabilities.
The company plans to attract small investors via Crowdcube and high net worth individuals, reflecting its aim to broaden its financial base for future growth.
Northern Lithium is set to embark on a significant fundraising initiative, aiming to secure £6 million. This follows the company’s successful 30-day lithium brine pump testing programme, which has marked a considerable advancement towards commercial production. The company plans to use the Crowdcube platform to attract small investors, alongside seeking backing from high net worth individuals.
The recent 30-day testing programme has shown long-term lithium yields exceeding the company’s expectations. According to Northern Lithium, this success paves the way for the next phase of their commercialisation programme. The company’s efforts have so far been primarily funded by private investors and the UK Government’s Automotive Transformation Fund.
Lithium is a mineral of critical importance for the future of electric vehicle (EV) batteries, with the UK projected to require up to 80,000 tonnes of Lithium Carbonate Equivalent annually by 2030. Currently, the main sources of lithium are located in China, South America, and Australia. Northern Lithium aims to tap into this demand by producing lithium carbonate from water extracted in the North Pennines.
Pople also spoke about the company’s future goals: “We remain confident in meeting our goal to achieve first commercial production from 2027 and within the next decade scale up to in excess of 10,000 tonnes of battery-grade lithium delivered per year from production sites across the Northern Pennine Orefield. The fundraising programme we are announcing today will provide us with the runway we require to further develop the business and move significantly nearer to commercial production.”
Hetherington further added, “We hope that this project will play an important part in the UK meeting its potential to become self-sufficient in battery-grade lithium, supporting the UK’s green growth ambitions. Low impact, resilient critical minerals supply and processing are key elements in the UK’s Critical Minerals and Battery Strategies.”
This extensive area provides the company with a substantial resource base to support its ambitious production targets. The company’s strategy involves leveraging these rights to scale up production sustainably.
Northern Lithium’s initiative is not only timely but also strategically aligned with national goals to enhance self-sufficiency in critical minerals. By focusing on sustainable and low-impact extraction methods, the company aims to contribute significantly to the UK’s green growth objectives.
Northern Lithium’s strategic fundraising initiative marks a pivotal step towards enhancing the UK’s lithium production capabilities. With successful trials behind it, the company is well-positioned to meet the growing demand for battery-grade lithium.
Supported by both private and government funds, Northern Lithium’s ambitious plans underscore its commitment to sustainable and significant contributions to the UK’s green growth agenda.
