Alkemy Capital Receives Preliminary Grant Offer from UK for Lithium Unit; Shares Rise

Tees Valley Lithium, a subsidiary conducting Alkemy Capital Investments' lithium operations, has qualified to receive a preliminary offer under the UK government's grant program. According to the company's announcement, the support could amount to up to £18.3 million. This development led to a sharp rise in Alkemy Capital shares. The share price increased by 14% following the news. The UK government's grant program aims to support critical raw material and battery value chain projects in the country. The preliminary offer received by the Tees Valley Lithium unit does not yet constitute a finalized funding agreement; the process must continue for a final decision. Lithium stands out as a critical raw material in energy storage technologies, particularly for electric vehicle batteries. Such support aimed at strengthening the UK's domestic lithium refining capacity could accelerate the investment plans of companies in the sector. Not investment advice.