Controlled Thermal Resources pushing ahead on Lithium Geothermal Project
Work continues on Hell's Kitchen Lithium Geothermal Project, Salton Sea (source: CTR)
Alexander Richter
30 Mar 2020
Despite the challenges faced by the covid-19 situation, Controlled Thermal Resources continues its push on its Lithium Geothermal project in the Salton Sea, California with ongoing negotiations with offtakers and investors.
In its recent corporate update, Controlled Thermal Resources (CTR) shares details on its continued work on the Lithium Geothermal Project in the Salton Sea. Despite the challenges of the covid-19 situation worldwide, the company is pushing forward without interruption utilizing electronic means. Site visits are currently postponed until travel restrictions are lifted.
The company reports on the initiation of the final development finance outreach campaign with KPMG discussing equity and offtake agreements. Direct private placement through CTR’s accredited investor network continues without interruption as high net-worth investors begin to pivot from short-term markets, seeking alternative mid-to-long-term opportunities with strong growth fundamentals.
CTR’s Hell’s Kitchen Lithium & Power Project was recently nominated as an awardee in two separate grant categories by the California Energy Commission (CEC).
- Category 1 – Improved Silica Removal for Enhanced Geothermal Plant Performance
- Category 2 – Hell’s Kitchen Geothermal Lithium Extraction Pilot.
While its peer Berkshire Hathaway Energy has received an award for their Salton Sea Geothermal Lithium Recovery Demonstration Project by CEC.
These awards are a great endorsement of California Governor Newsom’s commitment to the Imperial Valley’s emerging lithium industry.
In addition to its power purchase agreement with Imperial Irrigation District, CTR is in advanced discussions with various lithium and power offtake groups. As with finance, offtake due diligence continues remotely via data rooms and phone conferencing. CTR has established firm relationships through earlier meetings with these groups prior to the current COVID-19 related shutdowns.
The one constant message that continues throughout these trying times is that many major OEMs (Original Equipment Manufacturers – Auto sector) and EV Battery Manufacturers are seeking a secure US lithium supply to create further resilience related to their supply chains.
