A London-based inventor has gotten multi-million-pound funding to foster reasonable lithium batteries in the UK. Green Lithium has gotten £1.6m interest in a seed round with support from high-total assets singular financial backers - shutting at more than multiple times the underlying objective sum.
The firm intends to utilize the speculation, alongside a £0.6m government award got from the Automotive Transformation Fund recently and a forthcoming Series A round to be driven by Ikigai Capital, to foster an office in the UK to make economical and low-carbon lithium batteries for the electric vehicle (EV) industry.
It is anticipated that the project will create more than 1,000 jobs during the construction phase and 200 jobs once operational.
Richard Taylor, founding director at Green Lithium, commented: “The electric vehicle revolution, which will be crucial in the transition to ‘net-zero’, requires a significant increase and diversification in the supply of low-carbon, battery-grade lithium hydroxide.
"It is assessed that growth of more than 400% in supply is required over the following 10 years, anyway current and arranged refining limit will miss the mark in accomplishing this. Green Lithium means to assist meet what with being neglected interest in an underserved market.
"The way that our Seed financing round was more than multiple times oversubscribed mirrors the scale and engaging quality of the chance."
Saying of Roberto Castiglioni:
Roberto Castiglioni, CEO, and fellow benefactor of Ikigai Capital added: “After a successful Seed round, Green Lithium is now moving towards the development of key project areas that will take the refinery to ‘ready-to-build within the next 18 months. “This is a key window for strategic investors to access a project that will play an important role in the future of mobility and we are proud to be supporting the Green Lithium team.”