GEL secures £10m financing from Dutch bank to expand UK geothermal and lithium project
The United Downs geothermal power plant in Cornwall, UK (source: GEL)
Carlo Cariaga
7 May 2026
GEL has secured £10 million in financing from ABN AMRO to support the expansion of geothermal power and lithium production operations in the UK.
Geothermal Engineering Ltd (GEL) has secured £10 million in financing from Netherlands-based bank ABN AMRO that will go towards the expansion of lithium production at their United Downs facility in Cornwall. The backing of a major bank also enables GEL to start the process of raising significant capital for further expansion in the UK.
ABN AMRO is a major Dutch bank with a long history and presence in Europe. The bank is a financial enabler of the energy transition and has actively supported new energy investments across Europe, most recently Vulcan Energy for a €2.2bn raise in Germany. This financing in GEL adds to the current funding from Thrive Renewables plc, Kerogen Capital, the European Regional Development Fund and Cornwall Council.
“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,” said Ryan Law, CEO of GEL.
The team at GEL intends to use this financing to expand its direct lithium extraction (DLE) production from 100 tonnes of lithium carbonate per annum to close to 2,000 tonnes per annum by 2028/9. GEL is targeting production of over 18,000 tpa over the next decade from multiple sites in the UK. The company had also just recently secured new funding from the UK government that will go towards the same objectives.
GEL is also working on new and larger geothermal power projects across the county, and has set its sights on producing a minimum of 25 MWe of renewable electricity across GEL’s portfolio over the next 10 years. GEL has further sites in Cornwall which have already received planning permission and are each anticipated to deliver at least 5 MWe of baseload power which is enough to power around 70,000 UK homes. The financing from ABN AMRO will also be used to start preparing these sites for drilling.
“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,” said Industry Minister Chris McDonald.
“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.”
