Controlled Thermal Resources Engages The Peakstone Group

- March 8th, 2021

Controlled Thermal Resources Limited, a California developer of lithium and clean energy resources, announced it has engaged The Peakstone Group (“Peakstone”) to advise on a US$37 million capital raise to facilitate its goal to deliver baseload renewable power to the western United States and lithium products to the auto and energy storage sectors.

Investment Bank to Raise Capital for Company’s Integrated
Lithium and Geothermal Power Project in California’s Lithium Valley

Controlled Thermal Resources Ltd, a California developer of lithium and clean energy resources, announced it has engaged The Peakstone Group (“Peakstone”) to advise on a US$37 million capital raise to facilitate its goal to deliver baseload renewable power to the western United States and lithium products to the auto and energy storage sectors. The funds will be used to complete the remaining project development activities up to the completion of financial close for construction of both commercial facilities. 

Rod Colwell, CEO of Controlled Thermal Resources, said the Peakstone’s appointment represents CTR’s commitment to attract the right mix of strategic investors to the project.  “CTR has invested eight years into the development of its integrated lithium extraction and geothermal power facility at the Salton Sea,” Rod stated. “We are delighted to be working with the Peakstone team as they have shown a deep understanding of our immediate objectives and long-term strategy.” 

CTR anticipates commencement of an initial commercial production of baseload renewable power in 2023 and lithium hydroxide in 2024. The company has entered into a 25-year power purchase agreement with the Imperial Irrigation District and is in advanced discussions with both battery and auto manufacturers for its lithium offtake. 

CTR and its engineering partner Hatch Ltd. completed the Canadian National Instrument 43-101 Technical Report, and the accompanying Preliminary Economic Assessment (PEA) in 2020. The company has initiated a Prefeasibility Study (PFS) and has commenced well pad construction in anticipation of drilling its first two geothermal wells. 

“The investment market clearly needed to see a global consensus around the transition to clean energy and electric vehicle adoption before pulling the trigger on upstream resource investment,” Rod commented. “With solid commitments now in place, the pressure is on to secure the battery materials required.” 

CTR has attracted significant interest in the project’s ESG credentials and advanced project status. In contrast to current lithium operations that require large evaporation ponds or open pit mining, CTR will deploy direct lithium extraction in a closed-loop system that utilizes 100% renewable energy and steam for processing; takes hours, not months to produce high purity battery-grade lithium products; has a very small physical footprint and a near-zero carbon footprint; is not weather dependent; does not require off-shore processing; and operates 24 hours a day, 7 days a week.

The management team of Controlled Thermal Resources has significant project delivery experience in the mineral, chemical and renewable energy sectors, including more than a quarter-century of experience in the development and operations of large-scale geothermal energy projects in the Salton Sea region.

“We have remained consistent in our vision to develop resilient foundations for our project and the entire Salton Sea region,” Rod added. “We have a world-class resource with government administrations now recognizing the urgency to develop US-based projects producing critical minerals.”

As a Public Unlisted company, CTR is primarily focused on strategically aligned investors seeking a minimum investment commitment of US$5 million. 

About Peakstone

The Peakstone Group is an investment bank that specializes in mergers and acquisitions advisory and capital raising.  Our ability to support our client’s objectives with capital is the foundation of our business and strategy. Our team is comprised of senior investment banking professionals who have decades of experience and have executed hundreds of transactions totaling billions of dollars.  For additional information, please visit

About Controlled Thermal Resources

Controlled Thermal Resources Limited, through its project companies, provides lithium products and renewable energy with projects in advanced development in the United States.  The public unlisted company was established in 2013 and has headquarters in Imperial Valley, California, USA and Brisbane, Australia.

CTR’s leadership team has successfully developed and managed world-scale renewable energy projects in the Salton Sea region for over 25 years.  This location-specific, highly specialized experience has been instrumental in advancing CTR’s projects. 

CTR is committed to delivering sustainable, low-cost lithium products and renewable power to support California’s clean energy initiatives and to ensure a secure and socially responsible lithium product supply chain. For additional information, please visit

Forward-looking Statements

This media release may contain forward-looking statements regarding Controlled Thermal Resources (the “Company”) within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are “forward-looking statements”, including statements regarding:  the financial outlook of the Company, the general ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information.  These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” “anticipates,” “seeks,” “should,” “could,” “intends,” or “projects” or similar expressions, and involve known and unknown risks and uncertainties. The Company’s actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, and may be beyond the Company’s ability to foresee or control. The Company does not undertake an obligation to update or revise any forward-looking statements, and all forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date hereof.

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