Michelmores’ Corporate team, led by Partner Edwin Richards, has advised TechMet on an £18 million investment in eco-technology company, Cornish Lithium.
A private industrial company, TechMet focuses on building controlling or significant minority positions in world-class projects across the technology metal supply chain. “Technology metals” are critical to electric vehicles, renewable energy systems and energy storage. TechMet’s target metals include lithium, cobalt, nickel, rare earth metals, tin, tungsten and vanadium.
Cornish Lithium provides the raw materials for the Green Industrial Revolution. A private British mineral exploration company, Cornish Lithium is focussed on the sustainable extraction of lithium and other battery metals in the historically significant mining district of Cornwall.
Brian Menell, Chairman & CEO of TechMet said about the deal:
“We have been extremely impressed by the innovative and talented Cornish Lithium team, which has made considerable progress over the past few years. We are excited to be supporting the next phase of development and building a long-term partnership with Cornish Lithium, which could become a cornerstone of the UK’s battery metal supply chain as well as having very positive implications for Cornwall’s local economy.”
“This financing is an important step in advancing Cornish Lithium’s development programme. As the UK’s pre-eminent prospective lithium producer, it also represents an important step in the development of a domestic lithium supply for the UK economy.”
“Michelmores has added value to the deal. We are very pleased with their professional yet pragmatic approach.”
Of the investment, Jeremy Wrathall, CEO and Founder of Cornish Lithium, said:
“We are delighted to welcome such a prestigious investor to Cornish Lithium. TechMet’s support validates the extensive work we have completed in Cornwall since the Company was founded in May 2016. The investment by TechMet, combined with the proceeds of the recent crowdfunding campaign, will provide the balance sheet strength and financial certainty to enable us to progress our projects and to create value for all our shareholders.”