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NEW DIGS Property developers take space in St James’s Square as they plot expansion
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Cornish Lithium secures vital £54m lifeline
NICHOLAS EARL pany’s spiral into administration in January was a consequence of “external market forces”, but that the “biggest issue” was a lack of industrial strategy and innovation from the government.
CORNISH Lithium yesterday secured a vital cash injection after fears for its future.
The firm’s former comms chief Ben Kilbey said Britishvolt’s collapse “from one of the biggest, and most positive, battery narratives in the UK to a basket case” highlighted the need for a “strong industrial strategy”. “
A Department for Business and Trade spokesperson said: “We are developing a globally competitive EV supply chain in the UK by unlocking private investment in gigafactories like the landmark investment of over £4bn by Tata Group.” Recharge was approached for comment.
Dentons cuts off China unit as Beijing redraws corporate laws
CITY A.M. REPORTER
LAW FIRM Dentons said it has been left with “no option” but to spin out its China business as Beijing implements a raft of new corporate regulations. The firm, which operates in more than 80 countries, said in a statement that the regulatory environment, with changing requirements for law firms on data privacy, cybersecurity, capital controls and governance “has left us no option but to make this change”.
It added that the new mandates “are incompatible with our ability to operate a global firm which protects our clients’ interests”. Dacheng, as it is known in China, will now operate as a separate, standalone law firm.
The miner will gain a £53.6m boost from three parties, which will help fund its plans to develop a supply chain of lithium compounds for electric vehicles.
This includes a £24m investment from the state-backed UK Infrastructure Bank, the same sum from US-based private equity fund EMG and £5.6m from the firm’s largest institutional shareholder Tech Met.
News of the funding comes after it reported financial difficulties back in June, warning that it needed to secure a £10m cash injection to “ensure the business can meet its financial commitments”.
Cornish Lithium chief executive Jeremy Wrathall told City A.M. this was a “fantastic day for Cornwall and for the UK”.
He predicted it will be on course to deliver 10 per cent of the 80,000 tonnes of lithium the UK will need every year by 2030 to make EVs and develop major renewable projects.
