Construction kicks off for California lithium+power project

Prepared Wellpad 1 of CTR, Salton Sea, California (source: company)

In a note shared to LinkedIn, Rod Colwell, CEO of Controlled Thermal Resources (CTR) announced that the company commenced construction in late February and intends to commence drilling activities upon completion of this preparatory construction work.

CTR is on schedule to deliver its first stage 49.9MW renewable power facility in 2023, and 20,000 tonnes lithium hydroxide in early 2024.

The company’s long-term engineering partner HATCH has commenced the Preliminary Feasibility Study, (PFS) for the first lithium facility. This engineering phase focuses on optimization to refine the project’s engineering parameters and operational efficiencies to ultimately optimize capital and operating costs and increase project returns. In parallel, CTR can now complete the Conditional Use Permits (CUP) with the County of Imperial for both Lithium and Power.

As previously reported on the Investor News Network (INN), CTR appointed Peakstone Group to run a targeted U.S. marketing campaign aimed to raise the balance development equity to take the project to Bankable Feasibility. The outreach has been very successful and CTR is currently finalizing its due diligence on the proposals under consideration.

The company continues to attract investment and has raised sufficient capital to commence construction, drilling and the PFS while  finalizing the most beneficial investment package to complete the total development equity raise.

With critical path items on track, a competitive lithium and power market, and several attractive financing options available, CTR is extremely well positioned.  Contact our team here for further information.

The private sector has engaged CTR directly to investigate baseload renewable energy procurement in staged phases. CTR is currently responding to 1,700+MW of direct supply requests. This influx of activity from genuine parties represents more demand than our current total resource capacity of 1,100MW.

CTR planned for this level of demand and examined various financial models and development pathways for rapid scale up of future stages.

CTR is currently responding to significant lithium supply requests from Europe, the U.S. and Asia to satisfy requirements, over staged phases, commencing in 2024. CTR is in advanced negotiations for term-certain off-take contracts.

Source: Rod Colwell, CEO of CTR via LinkedIn