The company behind plans to bring a 1,000-job lithium refining plant to Teesside has agreed the terms of a 30-year lease on the Wilton International site.
It follows Tees Valley Lithium gaining planning permission for the site, which it will begin to develop in 2023. The firm hopes to supply about 15% of Europe's electric vehicle production requirement for lithium hydroxide, which is used in vehicle batteries.
Under this latest agreement, Tees Valley Lithium has the option - open for up to a year - to enter into a long-term lease with Wilton owners Sembcorp Energy UK. In an update to investors, the firm said it expects financing, utilities and services arrangements to be completed well within that time.
