Battery recycler Technology Minerals said it agreed to acquire the remaining issued share capital of Recyclus Group for new shares in the company. It currently holds 48.35% of the issued share capital of Recyclus, an industrial-scale lithium-ion battery recycler.
Subject to due diligence, the proposed transaction will be satisfied by the allotment and issue to the shareholders of Recyclus on completion of 921,544,596 new ordinary shares of £0.001 each.
The directors believe there is an estimated US$6bn opportunity from lithium battery recoverable materials by 2030, and US$45bn second-life battery applications market, it said.
Recyclus plans to open 10 battery recycling plants, five lithium-ion and five lead-acid, over the next six years. The first two are expected to open in the UK once final Environment Agency approval comes through.
Recyclus’ first lithium-ion recycling plant is in Wolverhampton, England, and can recycle 8,300 tonnes of lithium-ion per year. Recyclus is able to accept the five key lithium-ion chemistries, for recycling and processing into black mass.
The first lead-acid plant, located in Tipton, England, is capable of recycling 16,000 tonnes in the first full year of production.
Recyclus recently received a UN-standard certification for its Halo battery boxes for the transportation of lithium-ion batteries.
James Cable, Chief Financial Officer of Technology Minerals, said: “Our plan is to expand its commercial footprint in the UK and also the EU and US markets where we see the prospect for growth in line with the exponential growth in the electric vehicle markets and other battery-based sectors.”
