ABN AMRO invests $14m in UK's landmark geothermal lithium plant

UK-based Geothermal Engineering Limited (GEL) has secured £10 million ($14 million) in financing from Dutch bank ABN AMRO.

The funding, says GEL, will help expand lithium production capabilities at its commercial-scale lithium plant in United Downs. The team aims to increase direct lithium extraction production from 100 tonnes of lithium carbonate per annum to close to 2,000 tonnes per annum by 2028/9.

The United Downs site is also home to GEL’s deep geothermal power plant, which started power production in February 2026. The first plant will deliver 3MWe of baseload electricity which is being sold via Octopus Energy to power around 10,000 UK homes.

Ryan Law, chief executive of GEL, described the financing as “a cornerstone” which will help the company realise its ambitions to expand across the UK.

The ambitions include building a portfolio of 25MWe of renewable electricity over the next 10 years, as well as developing sites in Cornwall which have already received planning permission. The Cornwall sites will deliver approximately 5MWe of baseload power, enough for around 70,000 homes.

The financing commitment occurs as the UK and Europe seek to secure robust, domestic critical mineral supply chains, as well as energy independence.

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Emphasising this point, Law said: “At a time of significant instability in global energy and mineral supplies, it is essential we start to realise the UK potential of 24/7 geothermal power and critical mineral production. 

"Similarly, as Europe ramps up electric vehicle and battery power storage ambitions, we need to produce more of the critical minerals like lithium required for batteries to be sustainably sourced and produced without geopolitical risk.”

Law added that GEL now represents a significant opportunity for private and public investors alike looking to expand the sector.

ABN AMRO is looking to plug €8 billion ($9.4 billion) into renewable energy and decarbonisation tech across the UK and Europe by 2028, as well as another €1 billion ($1.2 billion) in early-stage capital through its Corporate Investments department by 2030.

According to Dan Dorner, Vice Chairman and Chief Commercial Officer Corporate Banking ABN AMRO, projects such as GEL’s align well with the bank’s commitment to supporting the UK’s energy security and critical minerals supply.

“The UK and Europe are at a turning point. Strengthening their energy resilience requires a new wave of large-scale investment and close cooperation between governments, industry and the financial sector. We are proud to support GEL with its geothermal power and lithium production ambitions across Cornwall.”