Britain's Merchant Lithium Refinery – Right Here in Teesside

TVL takes Europe's refining seat alongside CATL, BASF and ACC

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Tees Valley Lithium's Chief Commercial Officer, Gemma Cooper, spoke on the opening panel of Li-ION Battery Europe 2026 in Barcelona, representing lithium refining alongside some of the biggest names in the battery industry.

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When Europe's battery industry opened its Li-ION Battery Europe 2026 conference in Barcelona on 2 November, the lithium refining seat on the main stage went to Tees Valley Lithium (TVL).

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Gemma Cooper, Chief Commercial Officer of TVL, spoke on the opening panel, Restoring Confidence and Resilience in Europe's Battery Sector.

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She shared the stage with CATL, the world's largest electric vehicle battery maker; BASF; ACC (Automotive Cells Company); Basquevolt; and Worley. Between them, the panel spanned the battery value chain from engineering and materials to cells. TVL represented lithium refining, the midstream step that links mined and recycled lithium to the cathode and cell makers who use it.

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Gemma set out the role of local refining in a resilient European supply chain, the qualification of new and recycled feedstocks, and the commercial partnerships needed to connect upstream supply with downstream demand.

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Gemma said: "Europe does not need to recreate the entire global supply chain. It can focus on refining high value raw materials imported from around the world. This happens with long-term commitments which is why our agreement with Glencore is an important partnership for TVL"

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The panel came on the same day that Alkemy Capital Investments announced TVL had received indicative terms for a senior secured credit facility of up to US$150 million towards Train 1 of its Billingham refinery.

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Indicative US$150 million debt terms for Teesside lithium refinery

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Tees Valley Lithium has received indicative terms for up to US$150 million of senior debt towards Train 1 of its Billingham refinery, building on the £18.3 million DRIVE35 grant Offer in Principle from UK Government.

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Tees Valley Lithium (TVL) has received indicative terms from a US-based firm for a senior secured credit facility of up to US$150 million towards Train 1 of its lithium hydroxide refinery at Billingham, Teesside.

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Train 1 is the first 25,000 tonne per year production train of the refinery. The debt terms build on the Offer in Principle for a DRIVE35 capital grant of up to £18.3 million that TVL received from UK Government in September, the cornerstone of the Train 1 financing.

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Together, the indicative debt terms and the grant Offer in Principle represent the majority of the funding required for Train 1. The refinery will be financed at project level through a combination of senior debt, equity and grant funding, with the balance to be met by equity.

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TVL remains in discussions with other prospective lenders and will select the structure offering the best terms for the project and for shareholders.

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The purchase of the Train 1 site at Billingham is progressing in line with financial close, and TVL aims to start on-site works before the end of 2026.

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Paul Atherley, Chairman of Alkemy Capital Investments, said: "For decades the UK has built the cars and left others to make the materials that go into them. That is changing. When lenders put terms of this size on the table for a UK lithium refinery, it shows domestic refining is now seen as an investment case, not just a policy aspiration. We are now seeing plenty of interest to fund our lithium refinery and look forward to providing further market updates as these discussions advance."

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The indicative terms are non-binding and subject to, among other things, lender due diligence, credit approval, the equity and grant components of the funding being in place, and definitive documentation. There can be no certainty that any financing will be agreed or as to its final terms.

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Read the full announcement from Alkemy Capital Investments plc: link to RNS

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