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Alkemy Capital Investments PLC on Monday said the first phase of financing its lithium project in the north of England was ‘progressing at speed’. The critical minerals-focused investor is the sole owner of Tees Valley Lithium Ltd, a planned refinery aiming to provide ‘battery-grade lithium chemicals to meet the growing demand of the electric vehicle supply chain in Europe.’ Alkemy noted on Monday that TVL’s Chief Executive Vikki Jeckell is stepping down from Alkemy’s board, effective immediately, to focus on TVL as it targets a final investment decision in the first quarter of 2026. Last week, Alkemy engaged ABG Sundal Collier ASA as manager, bookrunner and advisor for a proposed $245 million bond and equity fundraise, which will go towards building Train 1 at the TVL refinery. A front-end engineering design study is currently in progress, with capital cost estimates for earthworks, concrete and structural steelwork ‘at an advanced stage’ and indicating ‘a downward trend against current capex estimates,’ Alkemy said. The firm also forecast lower operational expenditure, after the UK government last month increased the discount for projects falling under its ‘British industry supercharger scheme’ to 90% from 60% previously. Alkemy added that TVL is meeting with UK suppliers to discuss opportunities in both the construction and operation stages of the project. TVL’s CEO Jeckell commented: ‘We are maintaining strong progress across all technical and cost workstreams. The move towards project-level financing marks the next step in bringing the refinery to life and positioning TVL as a cornerstone of the UK’s battery materials supply chain. ‘The upcoming supply chain event will also ensure UK industry benefits from the opportunities created by the project,’ she added. Alkemy Capital shares rose 6.1% to 288.00 pence on Monday morning in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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