12th Apr 2023 12:19
(Alliance News) - Technology Minerals PLC announced on Wednesday the Environmental Agency issued a final approval draft to its subsidiary Recyclus Group Ltd for a lithium-ion battery plant.
Technology Minerals is a metals developer based in London. It owns 48% of Recylus, a battery recycling business.
Technology Minerals said the EA allowed Recyclus to begin full operations for its Li-ion battery recycling plant in Wolverhampton. Technology Minerals said the approval is a "milestone" for Recyclus, as the plant has the potential to recycle 8,300 tonnes of Li-ion batteries per year.
The aim is to increase the capacity to 41,500 tonnes by building Li-ion recycling plants, Technology Minerals said.
Shares were up 18% at 2.35 pence in London on Wednesday afternoon following the announcement.
The news comes after Recyclus, alongside the University of Birmingham, were awarded a GBP2.0 million funding from the UK government's Innovate UK programme, towards a mobile battery recycling system.
It was announced that Recyclus would lead the project, as well as design and build a compact prototype universal battery recycling system, a mobile recycling truck that handles a complete range of lithium-ion battery modules from all areas of industry.
Chair of Technology Minerals, Robin Brundle, said: "The battery recycling facility will be the first in the UK with capability to recycle Li-ion batteries on an industrial scale and will immediately begin recycling operations once the official certification is issued, which we expect imminently. With feedstock stored and ready to be processed, everything is in place to kick-start operations at the facility and commence generation of cash flow."
By Sabrina Penty; Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Related Shares:
Tech Minerals