Alkemy Capital Investments PLC on Wednesday said its subsidiary Tees Valley Lithium Ltd is collaborating with BP PLC subsidiary bp Alternative Energy Investments Ltd on green hydrogen.
The two companies signed a memorandum of understanding. bp’s subsidiary will supply green hydrogen to the subsidiary of Alkemy, which is a company focused on acquisitions in the mining and technology metals sectors. The firms will evaluate the feasibility of further decarbonising TVL’s processes and energy requirements ‘via a switch from natural gas to green hydrogen’, Alkemy explained.
‘The MOU proposes a broad-based collaboration between bp and TVL to jointly evaluate TVL’s processes and energy requirements with the aim of decarbonising these via a switch of fuel from natural gas to green hydrogen,’ Alkemy said.
It added that there are 700 gigawatts of gigafactories planned for construction in Europe, which together will need over 325,000 tonnes of lithium hydrogen and the same amount of lithium carbonate per year. ‘Currently there is zero lithium hydroxide capacity in Europe,’ Alkemy explained.
Tees Valley Lithium Chief Executive Officer John Walker explained: ‘TVL will source high-value intermediate lithium products with a low embedded carbon footprint from around the world, and will provide customers in the UK and Europe with an independent and sustainable supply of low-carbon battery-grade lithium hydroxide and lithium carbonate’.
Alkemy Capital shares rose 7.7% to 105.50 pence each in London on Wednesday morning. Meanwhile, bp shares were up 0.8% at 456.05p each.
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