Cornish Lithium, a British mining company that used crowdfunding to raise funds for its lithium project in south-west England, has successfully met its £1mn target less than two weeks after launching its campaign.
Cornish Lithium has now raised £1.12mn from 786 investors. Cornish Lithium is exploring the opportunity to create a new, environmentally-responsible, UK-based lithium extraction industry and has acquired exploration rights for lithium and other ‘battery metals’ across a large area of Cornwall. Investment will take the Company to the next exploration stage.
Cornish Lithium CEO Jeremy Wrathall has commented: “We strongly believe in the potential of lithium extraction in the county and look forward to welcoming new, as well as seasoned, investors to join us on the exciting journey ahead.
“The potential to develop a new industry in Cornwall, focused on metals which will be key to a low-carbon future, could be of huge importance for the future of British industry.”
As a Financial Conduct Authority-regulated platform, Crowdcube would give those interested in investing in Cornish Lithium the opportunity to become direct legal shareholders in the company.
As the world decarbonises with renewable energy and electric cars, domestic supply of battery metals is key. Demand for lithium is rapidly rising as electric vehicles become mainstream. Recently Volkswagen commented that lithium is the ‘irreplaceable element of the electric future’.
Cornish Lithium was founded in 2016, recognising a strategic opportunity for lithium production in the UK:
- Company ultimately aims to extract lithium and utilise contained energy from lithium-enriched geothermal waters
- Highly skilled technical team based in Cornwall
- IP lies in data-driven digital geological modelling: an innovative approach to exploration
- Company value lies in exploiting the digital data already assembled over its large area of exploration rights
- Extensive mineral rights agreements give Cornish Lithium a first-mover advantage in Cornwall
- Growing recognition of the importance of domestic lithium supply in the UK