GEL secures £10m from ABN AMRO to expand Cornwall lithium output

What does it take to convince a major European bank that hot rocks under Cornish soil are worth backing? A working power plant, the world’s highest known lithium concentrations in geothermal fluid, and a plan to grow production twentyfold inside four years.

Geothermal Engineering Limited (GEL), the Cornwall-based developer behind the UK’s first geothermal power plant, has secured £10 million in financing from Dutch bank ABN AMRO. The money will go towards expanding lithium production at its United Downs site near Redruth and preparing further Cornish sites for drilling.

It is the first time a major bank has put money into the UK’s emerging geothermal lithium sector, and it follows ABN AMRO’s similar backing of geothermal lithium projects in Germany.

What the money will do

The financing has two jobs. The first is scaling up lithium output at United Downs, where GEL switched on commercial production last month. The geothermal fluid pulled from deep beneath the site contains over 340 parts per million of lithium, one of the highest concentrations recorded in any well anywhere in the world.

GEL currently produces 100 tonnes of lithium carbonate per year using direct lithium extraction (DLE). The team plans to push that close to 2,000 tonnes per year by 2028/9, with a longer term target of more than 18,000 tonnes per year across multiple UK sites over the next decade.

The second job is preparation work at other Cornish sites where GEL already holds planning permission. Each is expected to deliver at least 5 MWe of baseload power, enough to power around 70,000 UK homes. The company is targeting a minimum of 25 MWe across its portfolio over the next ten years.

A turning point for UK energy

Industry Minister Chris McDonald welcomed the deal. Chris said: “We need critical minerals for everything, from the phones we use to the cars we drive, and this £10m boost for GEL is not only vital for ramping up domestic lithium production and creating local jobs, but a big step forward for geothermal power production in the UK. Projects like these are exactly what our Critical Minerals Strategy aims to support, as we look to secure the supplies of minerals we need by leveraging Britain’s mineral wealth, attracting new investment and building more resilient supply chains.”

Ryan Law, CEO of GEL, said the deal is a cornerstone moment for the company. Ryan said: “Following the switch on of the UK’s first geothermal power and commercial-scale lithium production last month, this represents a cornerstone financing to help GEL realise our geothermal and critical minerals ambitions in the UK. It is exciting to have a partnership with ABN AMRO, with their experience of financing other European geothermal lithium projects.”

He added: “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. GEL now represents a huge opportunity for both investors and government to get involved and help the sector to expand.”

Why a Dutch bank is backing Cornwall

ABN AMRO is no stranger to the geothermal lithium space. The bank recently supported Vulcan Energy with a €2.2bn raise in Germany, and has set itself a target of financing renewable energy and decarbonisation technologies across the UK and Europe worth €8 billion by 2028. A further €1bn in early-stage capital is earmarked through its Corporate Investments department by 2030.

Dan Dorner, Vice Chairman and Chief Commercial Officer Corporate Banking at ABN AMRO, said: “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. This financing reflects ABN AMRO’s commitment to supporting the UK’s energy security and critical minerals supply.”

Where things stand at United Downs

The United Downs deep geothermal power plant started exporting electricity to the grid in February 2026, becoming the UK’s first integrated deep geothermal power and commercial-scale lithium production project. The first plant delivers 3MWe of baseload electricity, sold via Octopus Energy to power around 10,000 UK homes.

Up until the ABN AMRO deal, the United Downs project had cost £50 million to build, with funding from the European Regional Development Fund, Cornwall Council, Kerogen Capital and Thrive Renewables plc. The new financing sits alongside that existing backing rather than replacing it.

GEL was set up in 2008 to deliver the UK’s first geothermal electricity. Eighteen years on, with one plant exporting power, lithium being pulled from deep brines beneath Cornwall, and a Dutch bank now on the books, the next test is whether the company can hit its 2,000 tonnes per year target by the end of the decade.