Cornish Lithium, a U.K.-based mineral exploration and development company, raised £35 million (~$47 million) in equity funding from its existing institutional investors. The round, led by the National Wealth Fund (NWF) with an investment of up to £31 million (~$41.7 million), also includes a £4 million (~$5.4 million) contribution from TechMet.
The funds, combined with proceeds from an upcoming crowdfunding campaign, will be directed toward advancing two projects: the Trelavour Lithium Project and the Cross Lanes Geothermal Lithium Project.
“Cornish Lithium and its flagship projects will play an important role in developing a secure, resilient supply of lithium for the U.K., Europe, and the U.S. to feed the cornerstone industries of the 21st-century economy,” said Brian Menell, Chairman and CEO of TechMet.
The investment will enable Cornish Lithium to complete the feasibility study for the Trelavour Lithium Project, finalize testing of its low-carbon processing technology at the Trelavour Demonstration Plant, and move the project closer to a construction decision.
Additionally, the capital will support the Cross Lanes Geothermal Lithium Project in progressing toward commercial drilling operations.
“A resilient domestic supply chain of lithium is critical as we transition towards net zero. Our financing will help Cornish Lithium progress towards commercial production, creating good year-round jobs, boosting local economic growth and helping ground Cornwall as an industrial cluster for critical minerals,” said Ian Brown, Interim CEO at NWF.
In 2023, the company secured a $67 million direct equity investment led by UK Infrastructure Bank alongside the Energy & Minerals Group and TechMet.
According to Mercom’s 1H and Q2 2025 Funding and M&A for Energy Storage report, VC funding in the sector totaled $1.7 billion across 36 deals, down 29% compared to the previous year. Energy Storage Downstream companies received the most VC funding in 1H 2025.
In September, ACT-ion Battery Technologies, a cathode active materials manufacturer for lithium-ion batteries, has secured $7.5 million in a Pre-Series A funding round. The funding is expected to significantly accelerate progress toward establishing a domestic supply of battery-grade lithium compounds.
