Cornish Lithium, the start-up hoping to lead the development of an industry for the battery metal in the UK, has secured up to £18 million ($24 million) from metals-focused investment company TechMet to help fast-track its lithium projects in the homeland.

The exploration company, which is focused on the environmentally sustainable extraction of lithium from geothermal waters and hard rock in the historic mining district of Cornwall, said the funds injection was "transformational."

Cornish Lithium said the investment will allow it to accelerate the construction of a demonstration plant for lithium processing, a feasibility study for its Trelavour project, and conduct additional drilling.

This is the first institutional investment in Cornish Lithium, which has previously used crowdfunding to raise new capital.

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