Our vision is to enable our planet's transition to sustainable energy.
Business overview
| Location | London, United Kingdom |
|---|---|
| Social media | |
| Website | greenlithium.co.uk |
| Sectors | Automotive & Transport Non-Digital B2B |
| Company number | 13137770 |
| Incorporation date | 15 Jan 2021 |
Investment summary
Business highlights
- Seedrs largest individual crowdfunding raise in 2023
- Intermediate-scale refinery build starting in 2024
- Low-carbon, sustainable refining process flowsheet
- Proven and experienced programme delivery team
Pitch
About the Campaign
Since completing the Seedrs funding round in October 2023, we have delivered and are continuing to deliver against each of the round’s targets.
We are working towards starting Scale-Up Plant construction commencing during 2024 and have brought on board additional industry-leading programme and corporate partners to support, including Zenito (worked with Cornish Lithium) and Primero (worked with Australian lithium projects) – plus Stifel, who we are in the final process of appointing to raise institutional construction funding.
This raise is an opportunity to invest in our first plant’s late-stage development phase, taking it to ‘construction ready’ to unlock institutional funding.
Market Opportunity
Currently the European EV and energy storage sectors are largely reliant on lithium produced by Chinese refineries. These existing producers are environmentally unfriendly, emitting large volumes of CO₂. This dependence will be further amplified by a continued increase in demand for battery chemicals.
We believe the solution is a UK lithium refinery that can serve the European market in an environmentally-friendly way whilst providing a stable and secure supply of lithium hydroxide to European cathode producers, battery manufacturers and OEMs.
Traction & Key Accomplishment
Jul-21 | Bench trials completed. Laboratory-scale analysis on spodumene samples from 3 prospective suppliers, at 90%+ yield.
Aug-21 | Engineering study delivered. Metso engineering study completed, giving refinery-specific capex, opex and other key data.
Jan-22 | LCA report delivered. Minviro independent life cycle assessment confirming CO₂ competitiveness versus operating Chinese refineries.
Sep-22 | Forecast capex assured. After EY’s successful 2021 diligence, Gardiner & Theobald assured capex estimate to AACE standard.
Dec-22 | Pilot trials completed. Continuous pilot testwork trials on spodumene samples at 9 tonnes per annum output scale, again at 90%+ yield.
Jul-23 | Site secured and permitted. HOTs and site exclusivity agreed with PD Ports and the main development permit received, paving the way to build.
Sep-23 | Key partners selected. Progressed key consultants appointment, including WSP, Worley, Zenito and Lithium Consultants Australasia.
Sep-23 | Zenito technical and economic study commenced, with full engineering design due Q3 2024.
Feb-24 | Supply and offtake de-risked. MOUs agreed with leading partners in the battery metals supply chains.
Team
We have a proven, delivery-focused team of employees and external partners with a track record of infrastructure delivery.
Following recruitment of a lead Engineering Manager during 2023’s Seedrs round, we further built out our technical capability, recruiting the roles of Head of Lithium Sales, Talent Acquisition & Development Manager, Compliance Engineer, and two Process Engineers – one represents a conversion from an internship role for one of our three 2023 Women In Mining interns.
Business Model
Our business model:
• Buy unrefined lithium from multiple sources.
• Refine or re-refine to battery-grade or technical-grade lithium chemicals.
• Sell to cathode makers for battery production or to other industrial customers for other applications.
Our plans are aligned to cross-political party policy targets (decarbonisation, industrial strategy, etc.) and Green Lithium has been named in all three versions of the UK Government’s ‘Critical Minerals Strategy’ papers – with government-funded grants won and trade/investment delegations sponsored across 2021-2024.
Use of Funds
1 | Design/engineering: optimise Green Lithium flowsheet pre-construction, complete FEED study.
2 | Construction readiness: finalise plans/contracts for utility connections, equipment purchase and construction contractors.
3 | Site/permitting: complete ground investigation, conclude lease agreement, confirm Planning Permission conditions satisfied, initiate EA permitting.
4 | Operational readiness: establish recruitment/training plan for Teesside operators, plus other key O&M plans.
5 | Supply chain: complete pre-construction testwork, finalise lithium sales/supply agreements.
6 | Funding readiness: complete full suite of institutional investor information, including ESG strategy report.
Key Information
Share Class
The Company has 3 classes of shares:
- A Ordinary Shares: currently held by Founders. These shares have full voting and dividend rights.
- B Ordinary (Non-Voting) Shares: held by existing investors. These shares have no voting rights but carry dividend rights.
- C Ordinary (Non-Voting) Shares: held by the management team and advisors. These shares have no voting rights but carry dividend rights. The majority of C Ordinary (Non-Voting) Shares are held under option, though a small number are held outright as shares. For those held outright as shares, a small portion of the shareholders have fully paid for their shares (to the sum of £5,975.53) and the rest of the shares issued were funded by the Company (to the sum of £54,121.10), to be repaid on an exit event.
On an exit or liquidation, the order of priority is set out below.
Seedrs investors will receive A Ordinary Shares. All other investors in the round will receive B Ordinary (Non-Voting) Shares.
Liquidation
On a liquidation, the surplus assets will be distributed as follows:
First, holders of C Ordinary (Non-Voting) Shares will receive their investment amount back (i.e. the amount they paid up for their shares, if anything). For the avoidance of doubt, those holders of C Ordinary (Non-Voting) Shares who have not yet paid the Company for their shares will not receive any investment amount back.
Second, there are three potential distribution outcomes, depending on the amount of surplus assets remaining:
(1) If the remaining assets are insufficient to pay back the total amount invested across all shares in issue, each of the holders of A Ordinary and B Ordinary (Non-Voting) Shares will either receive:
(i) their full investment amount; or
(ii) if there are insufficient funds to do so, a pro rata amount of their initial investment amount;
OR
(2) If the remaining assets are enough so that each A Ordinary and B Ordinary (Non-Voting) Shareholder could receive more per share than the highest subscription price paid per ordinary share in issue, then the remaining assets will be distributed to the A Ordinary and B Ordinary (Non-Voting) Shareholders pro rata to their respective shareholdings;
OR
(3) If the remaining assets are more than the total amount invested across all shares in issue, but less than the highest subscription price per share paid, then the next step depends on whether (on a shareholder by shareholder basis) your investment amount or a pro rata distribution would be higher:
a)If a distribution pro rata to your shareholding would give a higher amount, then those shareholders will first receive their pro rata amount;
b) If a distribution based on your investment amount would be higher, then the pro rata distributions will be made first in accordance with limb (3)(a) and then the remaining shareholders will share in the remaining assets pro rata to their shareholding.
Exit
On an Exit, provided the Exit is greater than £60 million, proceeds will be distributed to the holders of A Ordinary Shares, B Ordinary (Non-Voting) Shares and C Ordinary (Non-Voting) Shares pro rata to the number of shares held.
If the Exit is less than £60m, then the proceeds will be distributed in the following order of priority:
First, in paying to each of the A Ordinary Shares, B Ordinary (Non-Voting) Shares and C Ordinary (Non-Voting) Shares their initial investment amount back (provided they have fully paid for their shares), or if there are insufficient funds to do so, a pro rata amount of their initial investment amount.
Second, the remaining proceeds will be distributed to the A Ordinary Shares and B Ordinary (Non-Voting) Shares pro rata to the number of shares held.
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