Technology Minerals PLC on Wednesday said Recyclus Group Ltd, its battery recycling business, has won a 12-month contract for the recycling of lithium-ion batteries.
Technology Minerals is a London-based company that aims to create circular economy for battery metals. It owns 48% of Recyclus, which operates a battery recycling facility in Wolverhampton, England.
The contract was secured with an unnamed ‘global industrial group’, with the potential to generate revenue of up to £2 million.
Under the terms of the deal, end-of-life lithium-ion batteries will be recycled at Recyclus’ Wolverhampton plant. Recyclus will receive gate fees for receiving the batteries, as well as revenue from the sale of recovered material including black mass.
‘Securing a 12-month contract with a global major which has the potential to generate revenues of up to £2 million is a significant milestone for Recyclus. This is our largest contract win to date and further highlights the strong momentum and commercial traction achieved in recent months,’ said Technology Minerals Chief Executive Officer Alex Stanbury.
‘Following a steady stream of agreements for Recyclus, this contract illustrates the confidence leading manufacturers place in our solutions, reinforcing our position as a recycler of choice and ability to meet increasing demand as the world continues to move towards electrification.’
Shares in Technology Minerals were down 3.0% at 0.080 pence in London on Wednesday afternoon. The stock has fallen 91% over the past year.
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