This will include supporting local and regional development, providing new ‘green’ careers, generating large and long-term economic benefits and, above all, representing significant value-for-money for the UK taxpayer.
Significant investment will be injected into UK industry over a 3½-year construction programme, supporting local and regional economic development and investment. We expect to deliver £1.7bn to HM Treasury in tax revenue over the refinery's initial 25 years of operations.
Specifically, 1,000 construction jobs and more than 250 new permanent local skilled STEM green careers.
We will also focus on local specialist collaboration on research and development with organisations such as the Materials Processing Institute and CPI. We will work alongside local and national STEM-focused educational establishments and form partnerships.
As a critical enabler for energy storage, demand for lithium is set to accelerate over the next decade.
Bringing this supply chain closer to home will reduce reliance on the world's largest lithium refiner, China, which has similarly ambitious plans for electrification. Our refinery will place the UK on the map for critical minerals and battery materials, maintaining UK geopolitical relevance.
Anticipated new regulation in Europe is proposing to require an increasing proportion of battery materials to be locally sourced. Green Lithium will provide Europe with access to large-scale lithium refining capacity to support such ambitions.
We are also working with our technology partner to find solutions for the use of recycled material as feedstock to support the push towards higher recycled material in European-made batteries.
With the lithium-ion battery at the heart of electric vehicles, a robust battery supply chain is critical for the survival of the UK automotive industry.
We are working with major players along the value chain to ensure UK can become a world leader in battery technology and is ready to develop the next-generation technologies to accelerate decarbonisation.
Lithium, which is fundamental for the production of batteries, is essential in the transition toward a zero-carbon future.
The UK and EU markets alone will require over 800,000 tonnes of refined lithium a year. We have a key part to play in the future of UK and EU electric vehicle production.