By Joe Hoppe
Alkemy Capital Investments PLC shares rose Friday after it said it secured planning permission to build Europe’s largest lithium-hydroxide refinery at Teesside, U.K., to supply the electric-vehicle battery industry.
Shares at 0805 GMT were up 105.0 pence, or 46%, at 335.0 pence.
The London-listed company, which was created to buy a business or controlling interest in the mining and technology metals sector, said its wholly-owned subsidiary Tees Valley Lithium Ltd., or TVL, will begin construction of the $300 million facility in 2023. Production is expected to begin in 2025.
The facility–which will be powered by 100% green energy–will produce 96,000 metric tons per year of low-carbon battery-grade lithium hydroxide once in full production, equivalent to 15% of projected European demand.
TVL is currently in advanced discussions with a number of offtake customers, including European gigafactories and electric-vehicle original equipment manufacturers.
“Our strategic decision to locate in the Wilton International Chemicals Park, with direct access to comprehensive infrastructure and services and within the Teesside Freeport enables us to get into first production by 2025 and begin supplying our low carbon battery-grade lithium to customers spanning the U.K. and Europe,” Alkemy nonexecutive director Sam Quinn said.
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Read More: Alkemy Capital Shares Rise on Planning Permission for Lithium-Hydroxide Refinery