A leading Nordic investment bank has been appointed to raise $245 million for Britain’s first large-scale lithium refinery, marking a major milestone in the UK’s efforts to secure critical materials.
ABG Sundal Collier (ABGSC) a leading European investment bank has been appointed to spearhead the financing of Britain’s first large-scale lithium refinery, marking a major step forward in the UK’s ambitions to secure domestic supply of critical battery materials.
Tees Valley Lithium (TVL), has engaged ABGSC to lead a proposed $245 million bond and equity raise to fund construction of the project’s first production train in Teesside. Once complete, the refinery will produce 25,000 tonnes per year of battery-grade lithium hydroxide, enough to supply around 500,000 electric vehicles (EVs) annually.
The appointment of ABGSC comes as TVL moves towards a Final Investment Decision (FID) expected in early 2026. The financing package is expected to combine green bonds, institutional equity, and UK Government support, enabling construction to begin shortly thereafter.
Tees Valley Lithium’s chairman Paul Atherley said: “This partnership with ABGSC marks a significant milestone for Tees Valley Lithium, as we move towards delivering Europe’s largest independent lithium hydroxide refinery. Securing this funding will allow us to complete Train 1 of this strategically important project, delivering 25,000 tonnes per annum of lithium hydroxide. The future looks extremely bright for the company as we work to meet the growing demand for battery-grade lithium in Europe.”