Cornish Lithium raises $7.3 million in crowdfunding campaign to tap geothermal waters

Cornish Lithium, a British company set up to derive Lithium from geothermal waters in Cornwall in the UK, has successfully concluded a crowdfunding campaign for its project. The company aims to derive Lithium from the geothermal brine at the United Downs Deep Geothermal project.

Local news reported now that the company had raised GBP 5.2 million (around USD 7.3 million) and has closed its crowdfunding round. Initially targeting to raise GBP 1.5 million, the company raised more than GBP 3 million within a few hours. After three days, the company had raised more than GBP 5 million.

Jeremy Wrathall, Founder and CEO of Cornish Lithium, said: “We set out to  raise GBP1.5 million. To be so massively oversubscribed in only three days is an  amazing vote of confidence in Cornish Lithium, the team, and our plans for the  creation, in Cornwall, of a vital new industry for the UK economy.

“Having raised more money than we expected means that we are now able to accelerate our plans to build an environmentally-responsible lithium extraction industry in Cornwall while continuing to create value for our shareholders.

With this  additional funding, we can accelerate our drive towards the production of lithium from our geothermal waters project and from our hard rock project near St Austell as  well as to advance our exploration programme focused on other battery metals.

Source: Cornish Stuff

Note: We updated the article to reflect the wrong currency exchange … GBP 5.2 million are at today’s exchange rate around USD 7.3 million (as of June 24, 2021)