RCS - Weardale Lithium Ltd - Weardale & Tees Valley Secure Grant Funding

Alkemy Capital InvestmentsAnnouncement

29/09/2023 08:15

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RNS Number : 0528O  Weardale Lithium Limited  29 September 2023

 

PRESS RELEASE

 

29 September 2023

Weardale Lithium & Tees Valley Lithium secure grant funding to advance
lithium production and refining in North East England

Weardale Lithium Limited, ("Weardale Lithium", "WL", or the "Company") an
innovative natural resources company based in County Durham, UK is pleased to
announce that together with Tees Valley Lithium Ltd ("TVL") it has secured a
joint funding package of approximately £613,000 which includes a grant of
approximately £430,000 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
(https://www.gov.uk/government/publications/levelling-up-the-united-kingdom) .
Through collaborative research and development, WL and TVL 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.

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 products.

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".

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 Lithium 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."

ENDS

Contacts:

 Weardale Lithium Limited
 Stewart Dickson
 info@weardalelithium.co (mailto:info@weardalelithium.co)

 

Notes for Editors:

About Weardale Lithium

Weardale Lithium Limited is an innovative natural resources company seeking to
provide a secure and sustainable, domestic supply of lithium with associated
geothermal energy from underground brines in Weardale, County Durham.
Extraction of lithium from brines by Direct Lithium Extraction processes has
been assessed by third parties to have higher sustainability credentials (low
water consumption and low waste) when compared to processing techniques
required for alternative lithium sources.

Supply of domestic lithium is of strategic importance to the UK in achieving
its net-zero ambitions and production of high-value batteries for electric
vehicles in the auto-manufacturing sector.  Lithium is classified as a
Critical Mineral by the UK Government. There is no lithium production or
refining in the UK and Europe despite a significant market opportunity and
rising demand. Lithium produced and refined in the UK will confer
transportation cost advantages, supply assurances and an environmental-premium
over foreign suppliers. Weardale Lithium will support the "net-zero" ambitions
of the UK.

 

For more information, please visit: www.weardalelithium.co
(http://www.weardalelithium.co) or follow us @weardalelithium on X and
Weardale Lithium on LinkedIn.

About Tees Valley Lithium

Tees Valley Lithium is a wholly-owned subsidiary of Alkemy Capital Investments
Plc ("Alkemy") which is seeking to develop, construct and operate the world's
leading independent and sustainable lithium hydroxide production facility.

Alkemy, through Tees Valley Lithium, has secured a 9.6 ha brownfields site at
the Wilton International Chemicals Park located in Teesside, a major UK
Freeport.

Alkemy has completed a Class 4 Feasibility Study for its proposed lithium
hydroxide facility 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.

For further information, please visit Alkemy's website:
www.alkemycapital.co.uk (http://www.alkemycapital.co.uk) or TVL's website
www.teesvalleylithium.co.uk (http://www.teesvalleylithium.co.uk) .

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