HOPES of Cornwall becoming a key player in the electric vehicle revolution are set to be given a boost of up to £35-million.

Cornish Lithium, which is working towards commercially extracting lithium for electric vehicle batteries from sites in the county, has announced it has secured massive further investment.

The pioneering mineral development company says up to £31-million is set to come from the National Wealth Fund (NWF).

The fund, which is wholly owned by the Treasury but is operationally independent from the government, operates as a bank to drive investment in certain UK industries.

Cornish Lithium says this investment, which is subject to various conditions and approvals, will enable it to continue to work towards developing a secure supply of lithium.

A further £4-million is coming from TechMet, a global critical minerals investment company whose major shareholders include the US International Development Finance Corporation and the Qatar Investment Authority.

The new funding will progress the Trelavour Lithium Project, near St Dennis, towards a construction decision and the Cross Lanes Geothermal Lithium Project to commercial drilling.

Meanwhile, Cornish Lithium is launching a new crowdfunding campaign to allow existing and new investors to participate.

Jeremy Wrathall, executive chairman of Cornish Lithium, said: “This funding marks an exciting step forward for Cornish Lithium.”

Ian Brown, of NWF said: “Our financing will help Cornish Lithium progress towards commercial production, creating good year-round jobs, boosting local economic growth and helping ground Cornwall as an industrial cluster for critical minerals.”

Brian Menell, of TechMet, said: “Cornish Lithium and its flagship projects will play an important role in developing a secure, resilient supply of lithium for the UK, Europe and the US to feed the cornerstone industries of the 21st century economy.”

Founded in 2016, Cornish Lithium employs 99 employees across its sites at St Dennis, United Downs and Penryn.