Green Lithium secures £1.6m seed funding to power electric vehicles with UK facility
A London-based manufacturer has secured multi-million pound funding to develop sustainable lithium batteries in the UK.
Green Lithium has secured £1.6m investment in a seed round with participation from high-net-worth individual investors - closing at more than five times the initial target amount.
The firm plans to use the investment, along with a £0.6m government grant secured from the Automotive Transformation Fund earlier this year and an upcoming Series A round to be led by Ikigai Capital, to develop a facility in the UK to create sustainable and low-carbon lithium batteries for the electric vehicle (EV) industry.
It is anticipated that the project will create more than 1,000 jobs during the construction phase and 200 jobs once operational.
Richard Taylor, founding director at Green Lithium, commented: “The electric vehicle revolution, which will be crucial in the transition to ‘net-zero’, requires a significant increase and diversification in the supply of low-carbon, battery-grade lithium hydroxide.
“It is estimated that growth of more than 400 per cent in supply is needed over the next 10 years, however current and planned refining capacity will fall short in achieving this. Green Lithium intends to help meet what would otherwise be unmet demand in an underserved market.
“The fact that our Seed funding round was more than five times oversubscribed reflects the scale and attractiveness of the opportunity.”
Roberto Castiglioni, CEO and co-founder of Ikigai Capital, added: “After a successful Seed round, Green Lithium is now moving towards the development of key project areas that will take the refinery to ‘ready-to-build’ within the next 18 months.
“This is a key window for strategic investors to access a project that will play an important role in the future of mobility and we are proud to be supporting the Green Lithium team.”
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular morning London email for free.