20th Jan 2025 09:18
(Alliance News) - Technology Minerals PLC on Monday said its battery recycling business has completed a programme of recycling fire-damage lithium-ion battery packs for a original equipment manufacturer of electric vehicles.
Its shares rose 27% in response to 0.13 pence in London early Monday. The stock remains down 87% over the past 12 months, however.
Technology Minerals is a London-based company that aims to create circular economy for battery metals. It owns 48% of Recyclus Group Ltd, which operates a battery recycling facility in Wolverhampton, England.
Technology Minerals doesn't name the carmaker, nor provide the monetary value of the contract. It said the damaged battery units had to be dismantled by specialist Recyclus engineers before being recycled.
"It has been an exciting start to 2025, with this contract marking the second automotive customer agreement announced this month, in addition to our agreement with a leading online retailer," said Technology Minerals Chair Robin Brundle, adding: "It is a strong validation in Recyclus' ability to address the challenges of recycling end-of-life li-ion batteries and, in this case, offering what we believe is a unique UK solution for extracting value from fire damaged batteries that might otherwise end up in landfill."
By Tom Waite, Alliance News editor
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