# Alkemy Capital granted first phase approval from the UK Government’s £1 billion ATF

- Link: https://www.directorstalkinterviews.com/alkemy-capital-granted-first-phase-approval-from-the-uk-governments-1-billion-atf/4121099295
- Published: 2023-01-24T07:15:03+00:00
- Author: Anthony Fox

**[Alkemy Capital Investments](https://www.directorstalkinterviews.com/company/alkemy-capital-investments-plc/alk.l)
plc** (LON:LSE) (JV2:FRA) and its wholly-owned subsidiary Tees Valley Lithium Limited
are pleased to report that TVL’s lithium hydroxide refinery at Teesside, UK has 
received first phase approval from the UK Government’s £1 billion Automotive Transformation
Fund which seeks to support the national transition to Electric Vehicles.

**HIGHLIGHTS**

 * **TVL has received approval of its expression of interest from the UK Automotive
   Transport Fund.**

 * **The UK Automotive Transformation Fund is a funding programme created to support
   large-scale industrialisation and will invest up to £1 billion to develop a high-
   value end-to-end electrified automotive supply chain in the UK.**

The ATF is a long-term programme designed to enable the UK to build the world’s 
most comprehensive and compelling electrified vehicle supply chain, supporting over
160,000 jobs and creating export opportunities. It is an iniative of the Advanced
Propulsion Centre UK, which provides funding, support and insight to help the nation’s
automotive industry transition towards a Net Zero future.

TVL’s world-class zero waste lithium hydroxide refinery will form a significant 
component of the UK’s transition to Electric Vehicles and is expected to produce
enough lithium hydroxide to supply 100% of the forecasted automotive demand in the
UK by 2030.

The project has been granted full planning permission from Redcar & Cleveland Borough
council and is now shovel ready with production forecast to commence in 2025, generating
over 1,000 local jobs.

By sourcing low carbon feedstock and powering an electrochemical refining process
with offshore wind and green hydrogen supplied by energy multinational bp’s HyGreen
Teesside project, TVL aims to supply its UK and European customers with the world’s
lowest-carbon lithium hydroxide.

> **Alkemy Capital and TVL Director Sam Quinn commented:**
> _“We welcome the first phase approval of our project proposal by the Automotive
> Transformation Fund and look forward to working with the UK Government on the 
> development of our transformative lithium hydroxide project in Teesside, which
> will be central to the transition to electric vehicles in the UK and an important
> step on the journey to our Net Zero future.”_

Share on: