Geothermal Engineering Limited (GEL) plans to invest around £43 million in a lithium extraction facility in Cornwall, according to a UK government press release published on 27 September 2026. The company received an Offer in Principle worth nearly £10 million through the DRIVE35 Automotive Transformation Fund. The release says the project would create nearly 50 direct jobs and support around 80 more in the supply chain, and that the offer remains subject to due diligence and final approvals.

The release states that commercial production at the Cornwall project was planned to begin in 2029, with the facility expected to produce around 1,500 tonnes of technical-grade lithium carbonate from geothermal brine each year, enough for more than 180,000 typical EV batteries. It adds that the facility has potential to scale to tens of thousands of tonnes in the future. The government also cited Tees Valley Lithium's £185 million plan for a refinery in Teesside, supported by an £18.3 million Offer in Principle.

The release says demand for lithium is expected to increase by 1,100% by 2035. It also describes £1 billion of automotive investment announced earlier that month from Bentley, McLaren and Nissan. The figures and project status reflect the position as reported on 27 September 2026.