Tees Valley Lithium struck a preliminary deal to supply raw materials to the preferred buyer of collapsed UK battery startup Britishvolt Ltd.
The early-stage lithium refiner signed a memorandum of understanding to supply toll-processed lithium to Recharge Industries, which has been selected as the preferred bidder for the majority of the insolvent battery firm’s business and assets. Tees Valley plans to produce the lithium at a refinery in the northeast of England that’s set to start operation in 2025.
Once considered Britain’s best shot for a homegrown electric-vehicle battery supplier, Britishvolt went into bankruptcy last month after failing to identify any potential rescuers. Recharge Industries, founded in 2021, is also currently building a battery factory in Geelong, near Melbourne in Australia.
Alkemy Capital Investments plc (LON:ALK, FRA: JV2) is focussed on developing projects in the energy transition metals sector. Alkemy’s wholly-owned subsidiary Tees Valley Lithium (TVL) is developing a state of the art lithium hydroxide plant at Teesside, UK. TVL is Europe’s largest independent and sustainable lithium hydroxide producer.