The UK's first lithium hydroxide plant on Teesside could generate gross revenues of £49.2bn and supply 15% of the demand for the UK and EU's electric vehicle manufacturing needs.
A study commissioned by the company behind Tees Valley Lithium's plans to bring Europe's largest factory to a 9.6 hectare site at Wilton International Chemical Park, part of Teesside Freeport, suggests it will initially cost £216m to set up and £1.49bn over its 30-year lifespan.
Alkemy Capital Investments plc says the feasibility study - part of efforts to get the plant operational by late 2023 - shows it could eventually produce 96,000 tonnes of a premium, low-carbon lithium hydroxide annually. An estimated 400 jobs could be created at the plant.
