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Alkemy Capital Shares Jump on £18.3M UK Grant Offer for Lithium Refinery
Shares of Alkemy Capital Investments (LON:ALK) surged on Thursday after the company announced its subsidiary, Tees Valley Lithium, has received a preliminary offer for a substantial UK government grant. The funding is earmarked for the development of a major lithium refinery in Billingham, a key project for the UK's electric vehicle supply chain.
Government Backing for Refinery
According to the announcement, the offer in principle from the UK government could provide up to £18.3 million (approximately $24.50 million). This grant is intended to support the £185 million Phase 1 development of the Tees Valley Lithium refinery.
Alkemy Capital emphasized that the funding is non-dilutive. For investors, this is a crucial detail, as it means the capital injection will not reduce the ownership stake of existing shareholders, thereby preserving the value of their holdings.
AdMarket Reaction and Context
Investors reacted positively to the news, with Alkemy Capital's stock climbing 14% in Thursday's trading. The government's financial backing provides a major vote of confidence in the project and helps de-risk a portion of the substantial capital expenditure required.
Developing domestic lithium refining capability is a strategic priority for the UK as it seeks to build a secure supply chain for critical battery materials. This project aims to reduce the country's reliance on international sources for processed lithium, a vital component for electric vehicle batteries and energy storage systems.
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