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European law firm Fieldfisher has advised CleanTech Lithium PLC on its admission to trading on London's AIM market and successful placing raising £5.6 million.
Shares in the company were admitted to trading on AIM on 17 March 2022 with a market capitalisation of approximately £23.7 million for CleanTech Lithium.
The company, which is incorporated in Jersey, has two lithium projects in Chile – the Laguna Verde Project and the Francisco Basin Project.
Chile has traditionally been the world’s leading producer of lithium, a key ingredient in batteries used by electric vehicles (EVs) and other technologies. However, traditional evaporation pond methods used to extract lithium from mineral rich-brines in Chile's Atacama salt flats (salars) deplete aquifers used by indigenous communities in a country where water scarcity is a major issue.
CleanTech Lithium plans to create a new path for lithium production in Chile, using a process called Direct Lithium Extraction (DLE) that minimises the environmental impact of the metal's extraction. DLE involves using a highly selective absorbent to extract lithium from brine water in small-footprint evaporation ponds. The solution is then cleansed of impurities to yield high-grade lithium carbonate.
The company also intends to harness Chile’s abundant renewable energy potential, primarily solar power, to reduce the CO2 footprint of its activities.
Reducing the environmental impact of lithium production is a priority for the Chilean government and is a significant ESG consideration for EV companies.
Commenting on CleanTech Lithium's successful admission to AIM, Dominic Gurney-Champion, corporate partner and Co-Head of Energy and Natural Resources at Fieldfisher who led the legal team advising the company on its IPO, said:
"CleanTech Lithium is the latest in a series of energy transition focused businesses Fieldfisher has helped bring to AIM in the past couple of years.
"As well as a number of companies in the natural resources sector, we have also advised battery companies, renewable energy companies and tech businesses focused on energy efficiency in the power market on using the capital markets to support their growth plans.
"Congratulations to CleanTech Lithium on achieving this milestone."
CleanTech Lithium was advised by Dominic Gurney-Champion, Fieldfisher's Head of Mining Jonathan Brooks, senior associate, Lily Searle and trainee Jamal Moursy.
About Fieldfisher
Fieldfisher is a European law firm built around its people. We are a full-service firm with market-leading practices in energy and natural resources, technology, financial services and life sciences.
Our network of more than 1,700 expert people spans 26 offices in 11 countries, including our US and China locations, acting alongside our international partner firms, enabling us to advise clients around the world with seamless efficiency and dedication across time zones and disciplines.
A Times Top 20 Law Firm, we are highly commended by the European Financial Times Innovative Lawyers rankings and repeatedly nominated for awards in areas including dispute resolution, public and regulatory, M&A and IP.
Our lawyers are consistently recognised by legal directories as leading professionals in their areas of specialism and we are ranked tier 1 or 2 in a number of our key practice areas.
For more information about our firm, please see: About | Fieldfisher.