Cornish Lithium Valuation, Funding & Investors
Cornish Lithium is valued at $107M as of September 2023.
Last Cornish Lithium valuation
$107M
Pre-seed · Sep 2023
Last Cornish Lithium funding round
$47M
Strategic investment · Sep 2025
Cumulative funding Cornish Lithium raised
$162M
across 7 funding rounds
Key investors in Cornish Lithium
TechMet
Crowdcube
National Wealth Fund
Energy & Minerals Group
About Cornish Lithium
Cornish Lithium is a Truro-headquartered mineral exploration company extracting lithium from geothermal brines in Cornwall, UK. Granted tenements covering 180 sq km, it evaluates sites like United Downs with pilot plants targeting battery-grade lithium hydroxide production by 2025.
Founded
2016
HQ
FalmouthWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$107M (Sep 2023)
Cornish Lithium Valuation
Cornish Lithium is currently valued at $107M, based on its pre-seed round in September 2023.
The $6M round included Crowdcube.
Cornish Lithium's valuation has grown 4.1x from $26M at its pre-seed round in July 2019 to $107M in September 2023, across 3 priced rounds.
Cornish Lithium valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Sep 2023 | Pre-seed | $107M |
| Jun 2021 | Pre-seed | $106M |
| Jul 2019 | Pre-seed | $26M |
Cornish Lithium Funding History
Cornish Lithium has raised a total of $162M across 7 funding rounds.
Cornish Lithium's first fundraising round was a $2M pre-seed round in July 2019. The most recent completed round was a $47M strategic investment round in September 2025.
Cornish Lithium funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2025 | Strategic investment | National Wealth Fund (lead); TechMet | $47M | - | Cornish Lithium is a UK-based company developing lithium projects in Cornwall, including the Trelavour Hard Rock Lithium Project and the Cross Lanes Geothermal Lithium Project, aimed at producing battery-grade lithium to support the domestic supply chain for electric vehicles and renewable energy storage. In September 2025, it secured up to £35 million in equity funding from existing investors, with up to £31 million from the National Wealth Fund (NWF, formerly UK Infrastructure Bank) and up to £4 million from TechMet, to advance these projects toward construction decisions and commercial drilling. The company is also launching an additional fundraising round targeting up to £21.5 million from other investors, subject to shareholder approval on 8 October 2025, UK Takeover Panel sign-off, and National Security and Investment Act approvals. This funding builds on prior investments, including NWF's initial £24 million equity investment in August 2023 alongside The Energy & Minerals Group and TechMet's additional US$7 million (about £5.6 million), bringing the total prior package to around US$67 million. TechMet, backed by entities like the US Government's Development Finance Corporation, has now increased its total commitment to Cornish Lithium. The new capital will progress the Trelavour Demonstration Plant to construction-ready status and support engineering for a geothermal waters extraction facility at Cross Lanes. Investors emphasize the strategic importance of Cornish Lithium for UK net-zero goals, job creation in Cornwall, and establishing a critical minerals cluster. Comments from NWF Interim CEO Ian Brown and TechMet Chairman Brian Menell highlight confidence in the company's path to commercial production and its role in securing lithium supplies for the UK, Europe, and US. |
| Sep 2023 | Pre-seed | Crowdcube | $6M | $107M | Cornish Lithium is a UK-based mineral development company focused on sustainable lithium extraction in Cornwall through hard rock mining at the Trelavour project and geothermal brine extraction at projects like Cross Lanes. The company is advancing toward commercial production of battery-grade lithium to support the UK's electric vehicle battery supply chain and net-zero goals. It operates a demonstration plant at Trelavour to test low-carbon processing technology, with initial drilling showing promising globally significant lithium grades. In September 2023, Cornish Lithium raised £5.1 million through a Crowdcube crowdfunding round, one of the UK's largest that year, with existing shareholders investing £1 million in the first 27 minutes. This followed earlier funding including £12 million from prior crowdfunding and £18 million from TechMet since 2021. The round built on an August 2023 equity investment of £53.6 million led by the UK Infrastructure Bank (£24 million), Energy & Minerals Group, and TechMet to fund demonstration plant construction and project feasibility. At the time, Cornish Lithium reported no current revenue, having made a £1.5 million pre-tax loss in 2021 while ending the year with £11.7 million in cash. The company aims to create over 300 jobs and generate £800 million in local economic activity over a 20-year mine life, positioning Cornwall as a critical minerals hub. |
| Aug 2023 | Strategic investment | National Wealth Fund (lead); Energy & Minerals Group; TechMet | $68M | - | Cornish Lithium is a mineral exploration and development company focused on environmentally sustainable lithium extraction from geothermal waters and hard rock in Cornwall, UK, aiming to establish a domestic supply for the battery industry. In August 2023, it secured approximately £53.6 million in equity funding led by the UK Infrastructure Bank (now National Wealth Fund, £24 million), with participation from Energy & Minerals Group and TechMet, totaling US$67 million equivalent. This first-of-a-kind investment supported demonstration plant construction, project feasibility, and workforce expansion from 70 to over 300 employees upon commercial production, potentially generating £800 million in local economic activity over 20 years from the Trelavour hard rock mine alone. A retail share offering via Crowdcube for up to £6.9 million was also announced. In 2025, Cornish Lithium raised an additional £35 million equity (£31 million from NWF, £4 million from TechMet) to advance the Trelavour Lithium Project to construction decision and Cross Lanes Geothermal Lithium Project to commercial drilling, including feasibility studies and low-carbon processing tests. |
| Nov 2021 | Strategic investment | TechMet (lead) | $24M | - | Cornish Lithium Ltd is a mineral exploration and development company based in Cornwall, UK, founded in May 2016, focused on establishing a domestic supply of battery grade lithium and other battery metals for the UK market. The company's project portfolio includes the Trelavour hard rock project and direct brine extraction initiatives, with development efforts aimed at supporting the UK's battery production and energy transition goals. In November 2021, Cornish Lithium announced its first institutional investment, a funding package of up to £18 million from TechMet Ltd, a leading technology metals investment company backed by the US Government's Development Finance Corporation. The investment was structured in two tranches: an initial £9 million upon shareholder approval and a second £9 million at TechMet's option following completion of a scoping study for the Trelavour hard rock project, expected in Q2 2022. Proceeds were intended to fast-track development of the company's project portfolio, advance hard rock and geothermal workstreams, and provide working capital through at least the end of 2022, with TechMet's Chief Technical Officer Simon Gardner-Bond joining Cornish Lithium's board. The investment represented validation of the company's development progress since its founding and positioned TechMet as a long-term partner with the financial capability to contribute additional capital as needed for progression toward construction and commercial production. |
| Jun 2021 | Pre-seed | Crowdcube | $8M | $106M | Cornish Lithium raised £6 million ($8.3 million) through a Crowdcube crowdfunding campaign in June 2021, targeting pre-registered investors and reaching its goal in under 20 minutes. The post-money valuation reached just over £80 million ($111 million), doubling the valuation from the prior October round. Funds supported progress on geothermal lithium extraction from hot waters and hard rock projects in Cornwall, including acquisition of the Lepidico license for the Trelavour project and production of battery-grade lithium hydroxide. The company focuses on developing a UK battery metals hub using commercially unproven technologies for sustainable lithium production from geothermal waters and granite mining. It is building a £4 million lithium extraction pilot plant with government support to assess project scale and enable larger geothermal-lithium operations. Projects aim to supply all UK lithium carbonate needs post-2030 petrol/diesel ban, addressing anticipated shortages by 2027. |
| Oct 2020 | Pre-seed | - | $7M | - | Cornish Lithium, an innovative mineral exploration company focused on lithium and other battery metals in southwest UK, closed a crowdfunding round on Crowdcube raising £5.2 million in October 2020, massively oversubscribed from an initial £1.5 million target in just three days. The funds enabled acceleration of plans for environmentally responsible lithium extraction from geothermal waters and hard rock projects near St Austell, plus exploration for other battery metals. This Angel - II round was part of early equity crowdfunding efforts supporting the company's ambition to establish a new UK industry in Cornwall. |
| Jul 2019 | Pre-seed | - | $2M | $26M | - |
Who has invested in Cornish Lithium?
4 investors have backed Cornish Lithium across its funding rounds, including TechMet, Crowdcube, National Wealth Fund and Energy & Minerals Group.
Lead investors include National Wealth Fund and TechMet.
Cornish Lithium Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Dublin | 3 | Lead | Nov 2021 | |
| Exeter | 2 | Participant | Jun 2021 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialCornish Lithium Competitors
Cornish Lithium competitors include listed companies like Schwager, Zeotech and Talga Group, and private ones like Alloyed, Longxing New Materials and Sanyi Hi-Tech.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Oxford | Private | - | - | $129M | - | |
 Chile | Publicly listed | $118M | $14M | $118M | - | |
 Nantong | Private | - | - | $106M | - | |
 Australia | Publicly listed | - | ($3M) | $104M | - | |
| Australia | Publicly listed | $76K | ($10M) | $100M | 33.9x | |
| Baoji | Private | - | - | $116M | - |
Cornish Lithium Public Comps
Cornish Lithium is still privately-owned, but its public comps include Mangata Holding, US Goldmining, Falcon Metals, Grange Resources, Kauno Energija, Odlewnie Polskie, Evolve Royalties, Brazilian Critical, Silver47 Exploration and Investigator Silver.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $202M | $25M | 0.8x | 0.7x | 6.1x | 6.4x | |||
| - | ($7M) | - | - | (14.3x) | - | |||
| ($569K) | $498K | (160.1x) | (205.7x) | 182.9x | 460.1x | |||
| $340M | $72M | 0.1x | - | 0.5x | - | |||
| $116M | $34M | 1.2x | - | 4.2x | - | |||
| $62M | $9M | 1.7x | - | 12.0x | - | |||
| $1M | ($469K) | 96.4x | 22.7x | (213.6x) | 34.0x | |||
| - | ($4M) | - | 167.4x | (24.9x) | (28.0x) | |||
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Common questions about Cornish Lithium
| When was Cornish Lithium founded? | Cornish Lithium was founded in 2016. |
| Where is Cornish Lithium headquartered? | Cornish Lithium is headquartered in Falmouth, United Kingdom. |
| Is Cornish Lithium publicly listed? | No, Cornish Lithium is a private, VC-backed company. |
| What is Cornish Lithium's valuation? | Cornish Lithium was last valued at $107M in its pre-seed round in September 2023. |
| How much funding has Cornish Lithium raised? | Cornish Lithium has raised $162M across 7 funding rounds. |
| What was Cornish Lithium's last funding round? | Cornish Lithium's last funding round was a $47M strategic investment round in September 2025, led by National Wealth Fund. |
| Who are Cornish Lithium's investors? | Cornish Lithium's investors include TechMet, Crowdcube, National Wealth Fund and Energy & Minerals Group. |
| Which companies are comparable to Cornish Lithium? | Companies comparable to Cornish Lithium include Alloyed, Schwager, Longxing New Materials, Zeotech, Talga Group and Sanyi Hi-Tech. |
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