Alkemy Capital Investments PLC on Tuesday said it has received approval alongside its wholly-owned subsidiary, Tees Valley Lithium Ltd, for its lithium hydroxide refinery.

Alkemy Capital Investments is a London-based company focused on acquisitions in the mining and technology metals sectors.

The company has received first phase approval from the UK government’s £1 billion automotive transformation fund, which seeks to support the national transition to electric vehicles.

Tees Valley Lithium’s lithium hydroxide refinery at Teesside in the UK has now received approval of its expression of interest. The project has been granted full planning permission from Redcar & Cleveland Borough council and is now shovel ready with production forecast to commence in 2025.

Alkemy expects the project to generate over 1,000 local jobs.

‘We welcome the first phase approval of our project proposal by the Automotive Transformation Fund and look forward to working with the UK Government on the development of our transformative lithium hydroxide project in Teesside, which will be central to the transition to electric vehicles in the UK and an important step on the journey to our Net Zero future,’ said Alkemy and TVL Director Sam Quinn.

Alkemy shares were trading 2.9% lower at 233.00 pence each in London on Tuesday afternoon.

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