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Cornish Lithium raises £5.1m in 'one of the largest' crowdfunding rounds in the UK this year

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(Kitco News) - Lithium developer Cornish Lithium said today it has now closed its crowdfunding round on Crowdcube after raising £5.1 million, adding that the crowdfunding is “one of the largest” undertaken in the UK this year and is the largest on Crowdcube by a B2B business in 2023.

According to the company, the crowdfunding was launched to provide Cornish Lithium’s existing shareholders, as well as new retail shareholders, the opportunity to invest alongside the landmark £53.6m investment by the UK Infrastructure Bank, the Energy and Minerals Group and TechMet.

Cornish said that existing shareholders received priority access to the financing round with Crowdcube, investing a milestone £1 million in just 27 minutes.

The investment package together with the funds raised through the crowdfunding will enable Cornish Lithium to progress its hard rock lithium project to a construction-ready status, as well as complete the engineering design work required to build a demonstration-scale geothermal waters extraction facility.

The company said it aims to provide a “secure, domestic source of lithium and support the UK’s automotive sector’s shift to EVs, while providing long term career opportunities for the communities around the project.”

Cornish Lithium added it is using “highly innovative and sustainable processes” to extract lithium from both geothermal waters and hard rock in the historic mining district of Cornwall, UK.

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