Tees Valley Lithium (TVL) has confirmed that it is advancing rapidly with plans for a lithium refinery at Teesside Freeport, entering the $245 million financing phase for its first production train. The company’s development is being supported by Alkemy Capital Investments, which is progressing its Front-End Engineering Design (FEED) study and preparing for project-level financing to bring the lithium hydroxide refinery into operation.
This development follows the recent appointment of ABG Sundal Collier as exclusive manager, bookrunner, and financial adviser for TVL’s proposed $245 million bond and equity financing. The move positions the company to secure the necessary funding to advance construction and operational readiness.
To support this next stage, Vikki Jeckell will step down as a director of Alkemy Capital Investments, effective immediately, to focus entirely on her role as chief executive of TVL, overseeing governance and project delivery as the company targets a final investment decision in the first quarter of 2026.
The FEED study, which underpins the technical and cost planning for the refinery, is being led by Veolia and Wave International. Alkemy chairman Paul Atherley said:
“With ABG Sundal Collier leading project-level financing and the FEED study progressing on schedule, Tees Valley Lithium continues to build the foundations for construction and operation of a new UK lithium refinery at Teesside Freeport.”
Chief executive Vikki Jeckell added:
“We are maintaining strong progress across all technical and cost workstreams. The move towards project-level financing marks the next step in bringing the refinery to life and positioning TVL as a cornerstone of the UK’s battery materials supply chain. The upcoming supply chain event will also ensure UK industry benefits from the opportunities created by the project.”
The Teesside refinery is seen as a key part of the UK’s efforts to develop a domestic battery materials sector, strengthening supply chains and supporting the transition to electric vehicles and renewable energy. TVL’s progress demonstrates a clear commitment to delivering a fully operational lithium hydroxide facility that will provide critical raw materials to the growing UK and European battery industries.
With project-level financing underway and engineering studies advancing according to schedule, Tees Valley Lithium is steadily moving towards the construction and commissioning of its first train, a major milestone in establishing a homegrown lithium refinery capable of contributing significantly to the UK’s energy transition ambitions.
