Alkemy Capital Investments plc (“Alkemy”) (ALK:LSE) (JV2:FRA) is pleased to announce that its wholly owned subsidiary Tees Valley Lithium Ltd (“TVL“) has entered into a Memorandum of Understanding (“MOU“) with bp Alternative Energy Investments Limited (“bp“), a member of the bp plc group of companies, which is focussed on the development of its large green-hydrogen electrolytic production facility in Teesside (HyGreen Teesside).
HIGHLIGHTS
· bp will seek to supply green hydrogen to TVL as part of its HyGreen Teesside project, which is currently under development
· TVL to partner with bp to evaluate the feasibility of further decarbonising TVL’s processes and energy requirements via a switch from natural gas to green hydrogen
· TVL is aiming to produce the world’s lowest carbon lithium hydroxide by sourcing low carbon feedstock and powering an electrochemical process with offshore wind and green hydrogen
Following a preliminary review, bp and TVL consider there to be significant potential to further decarbonise TVL’s process with the use of green hydrogen, that bp plans to produce at it proposed Hygreen Facility in Teesside.
The MOU proposes a broad-based collaboration between bp and TVL to jointly evaluate TVL’s processes and energy requirements with the aim of decarboninsing these via a switch of fuel from natural gas to green hydrogen.
More than 700GW of gigafactories are planned for construction across Europe, which will require over 325,000 tonnes of Lithium Hydroxide and 325,000 tonnes of Lithium Carbonate per annum: currently there is zero Lithium Hydroxide capacity in Europe.
Construction of Train 1 of TVL’s Lithium Hydroxide processing facility at the Wilton International Chemicals Park in Teesside UK, the first of four trains planned for the site, will produce 24,000 tpa of battery-grade LHM. Once completed, all four trains will produce a total of 96,000 tpa LHM, representing around 15% of Europe’s projected demand by 2030. TVL’s innovative electrochemical process allows the flexibility to divert 20% of the refinery’s production capacity to produce lithium carbonate.
By sourcing low carbon feedstock and powering an electrochemical process with offshore wind and green hydrogen, TVL is aiming to supply its customers with the world’s lowest-carbon Lithium Hydroxide.
Louise Kingham, bp’s UK Head of Country and Senior Vice President of Europe, commented:
“Our agreement with Tees Valley Lithium has great potential to support its exciting aim of supplying its customers with the world’s lowest-carbon lithium hydroxide. It reflects the strong support we’ve already had from customers, who see HyGreen Teesside as the best way to decarbonise their operations.
The project will help transform local energy use, the local economy and skills development in the community. It will also help us deliver economic growth and the home-grown hydrogen that the UK needs.”
John Walker, CEO of Tees Valley Lithium, commented:
“Tees Valley Lithium is delighted to be partnering with bp in this initiative, which will seek to further decarbonise TVL’s Lithium Hydroxide production at the Wilton International Chemicals Park, in Teesside, UK.
“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.”
Further information
For further information, please visit Alkemy’s website: www.alkemycapital.co.uk or TVL’s website www.teesvalleylithium.co.uk.
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Source: TVL and bp trial Green Hydrogen – 09:30:00 12 Oct 2022 – ALK News article | London Stock Exchange
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Alkemy Capital Investments Plc Sam Quinn |
Tel: 0207 317 0636
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Buchanan Bobby Morse/Abigail Gilchrist |
Tel: +44 (0)20 7466 5000
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VSA Capital Limited Andrew Monk (Corporate Broking) Andrew Raca (Corporate Finance) |
Tel: 0203 005 5000
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Shard Capital Partners LLP Damon Heath
Isabella Pierre |
Tel: 0207 186 9952 Tel: 0207 186 9927 |
NOTES TO EDITORS
Alkemy is seeking to establish the world’s leading independent and sustainable lithium hydroxide production by developing state-of-the-art Lithium Sulphate and Lithium Hydroxide facilities in Australia and the UK.
Alkemy, through its wholly-owned subsidiary Tees Valley Lithium, has secured a 9.6 ha brownfields site at the Wilton International Chemicals Park located in Teesside, a major UK Freeport to build Europe’s first and largest Lithium Hydroxide processing facility.
Alkemy has completed a Class 4 Feasibility Study for its proposed lithium hydroxide facility which will process feedstock imported from various sources to produce 96,000 tonnes of premium, low-carbon lithium hydroxide annually, representing around 15% of Europe’s projected demand.
The company has identified a site at Port Hedland, Western Australia to build a world-class sustainable Lithium Sulphate refinery that will provide reliable feedstock for Tees Valley Lithium.
Forward Looking Statements
This news release contains forward‐looking information. The statements are based on reasonable assumptions and expectations of management and Alkemy provides no assurance that actual events will meet management’s expectations. In certain cases, forward‐looking information may be identified by such terms as “anticipates”, “believes”, “could”, “estimates”, “expects”, “may”, “shall”, “will”, or “would”. Although Alkemy believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those projected. Mining exploration and development is an inherently risky business. In addition, factors that could cause actual events to differ materially from the forward-looking information stated herein include any factors which affect decisions to pursue mineral exploration on the relevant property and the ultimate exercise of option rights, which may include changes in market conditions, changes in metal prices, general economic and political conditions, environmental risks, and community and non-governmental actions. Such factors will also affect whether Alkemy will ultimately receive the benefits anticipated pursuant to relevant agreements. This list is not exhaustive of the factors that may affect any of the forward‐looking statements. These and other factors should be considered carefully and readers should not place undue reliance on forward-looking information.