Cornwall's Hidden Gold Rush Cornwall's underground treasure is fueling the green revolution, and it's not gold—it's lithium. Here's how one entrepreneur is digging into the future of energy.

Jeremy Wrathall is not just a businessman; he's a visionary determined to bring Cornwall into the global spotlight, thanks to a little-known natural resource beneath its soil - lithium. Through his company, Cornish Lithium, which he founded in 2016, Wrathall is paving the way for the UK's green energy future. But his journey wasn't easy. With deep ties to Cornwall and a passion for sustainability, Wrathall has faced his share of challenges, learned countless lessons along the way, and is now driving innovation that's helping power the electric vehicle revolution.

Wrathall's story doesn't begin with lithium—it starts with Cornwall. "I have always had a longstanding connection to Cornwall, stemming back to when I attended the Camborne School of Mines in 1982," he says. After studying at Camborne, Wrathall moved to London, where he worked as an investment banker. Yet, his roots in Cornwall never let go, and he couldn't shake the idea of what he could do to make a real difference there. It was during this time that he saw the global shift towards electric vehicles and recognized a golden opportunity for a sustainable future.

"I recognised the huge impact electric vehicles were going to have in both the UK and the wider world. I saw an opportunity to set up a future-thinking, sustainable business which harnessed the drive to electrification in the UK."

The idea for Cornish Lithium came unexpectedly, but the opportunity was right under his feet. "I remembered someone had once mentioned to me about lithium being present beneath our feet in Cornwall, and the rest is history!" Wrathall's vision took shape, and in 2016, Cornish Lithium was born—a company that would not only drive the green revolution but also put Cornwall on the map as a hub for sustainable mining.

When it comes to scaling, no entrepreneur can escape the challenges of financing. Wrathall was no different. "Financing has always been one of the biggest challenges, as it is for lots of entrepreneurs," he shares. For him, it's been about timing and balance, making sure that Cornish Lithium had enough funding at the right moments to move forward.

In 2023, Wrathall's persistence paid off when Cornish Lithium secured US$67 million from the UK Infrastructure Bank, The Energy & Minerals Group, and TechMet. This funding was pivotal in helping accelerate the company's growth toward lithium production. But Wrathall stresses an important lesson he's learned from his own experiences: fear of dilution can hold entrepreneurs back.

"A common mistake entrepreneurs make is that they fear dilution through selling more shares. I like to think about it in terms of pizza—it's better to have a small slice of a big pizza than a big slice of no pizza!" Wrathall's view is refreshing. Sometimes, it's not about trying to own everything; it's about securing the right partnerships to grow the business to its full potential.

Sustainability isn't just a buzzword for Wrathall—it's the core of Cornish Lithium's mission. As an entrepreneur in the green tech space, he's seen the challenges firsthand. "There is a danger of a hiatus in driving forward sustainability following recent political changes, but thankfully, we are seeing a lot of companies ignore this and continue to strive for greener ways of doing things—as we are doing at Cornish Lithium."

Wrathall believes strongly in the role electrification plays in the UK's green transition. "I strongly believe electrification is a key opportunity in the UK and is one that entrepreneurs can harness across the country. There is no doubt that electrification will be essential to help drive the Green Industrial Revolution and meet the UK's Net Zero by 2050 goals." For him, sustainability is more than just an opportunity—it's an imperative for the future.

But he's quick to warn that many startups in the green tech space make one critical mistake: assuming that customers will automatically pay a premium for something simply because it's sustainable. "I believe that one of the biggest mistakes entrepreneurs make in any startup is assuming that other people share the same values when they often don't. I have seen some entrepreneurs assume people will pay a premium for a product or service just because it is sustainable—unfortunately, they often won't. Be mindful to listen twice as much as you talk to understand what is important to your customer."

One of the things that's really fueled Cornish Lithium's success has been the rapid growth of electric vehicles (EVs). Wrathall reflects on how this sector has given the company a significant boost. "The rapid growth of electric vehicles has been a key trend which has boosted Cornish Lithium since I founded the business in 2016. Electric vehicle sales have increased as the green revolution has become more of a focus across the world. More electric vehicles means a greater need for lithium!"

By 2030, the UK is projected to require 80,000 tonnes of lithium carbonate for electric car batteries. Cornish Lithium aims to supply 25,000 tonnes per annum (tpa) of lithium carbonate equivalent (LCE) from its projects across Cornwall, contributing 30% of the UK's projected lithium demand. This success isn't just about profit for Wrathall—it's about making a tangible impact on the environment and the economy.

"We have also found that there is an increasing expectation from stakeholders (including investors and the government) for companies to monitor Environmental, Social and Governance factors. I am very proud of the fact we focused on these three central factors right from the start."

Wrathall's journey has taught him many hard-earned lessons, particularly for other entrepreneurs looking to make their mark in the green tech space. One of the most important takeaways? Don't assume that securing funding will be easy, no matter how great your idea is. "I have learnt never to assume that finance is going to be easy, just because you have a good idea—there are likely going to be challenges along the way to secure funding for your venture."

But resilience is key. "Remember to stick to your goals, even if it is going to be a bumpy ride," he says, emphasizing the importance of perseverance in the face of setbacks.

For those entering the green energy sector, Wrathall's advice is simple but powerful: "Keep it simple, source advice from as many people as possible and remember people have a limited attention span." In a fast-paced, competitive industry, clarity and simplicity are vital for success.

For Wrathall, the work isn't over. There's still a long road ahead for Cornish Lithium as it continues to scale, innovate, and revolutionize the lithium mining industry in Cornwall. "We've only just begun," he admits. "There's still a lot of work to be done, but I'm excited about the role Cornish Lithium will play in shaping a sustainable future for the UK and beyond."

As the global push for electrification and sustainability continues, Cornish Lithium's story serves as a reminder of the power of visionary thinking, resilience, and embracing opportunities for positive change. Wrathall's journey is one of turning local resources into a global impact, all while staying grounded in his values of sustainability, community, and progress.

As he puts it, "There's a lot of work ahead, but I truly believe the future is bright for Cornwall, for lithium, and for the green energy revolution."