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(Alliance News) - Technology Minerals PLC on Tuesday announced that its 48.4% owned battery recycling business, Recyclus Group Ltd, has successfully secured a place on the governments' Innovating for Transport & Energy Systems scheme.
Shares in the London-based battery metals and recycling closed 16% higher at 1.42 pence each in London on Tuesday.
Technology Minerals said its subsidiary Recyclus has developed an "award-winning" mobile recycling solution and built the UK's first industrial scale li-ion recycling facility.
The government scheme which aims to boost research, innovation and investment between the UK and India is designed to accelerate the development of technologies and solutions needed to decarbonise transportation in both countries. Participation in the programme will grant Recyclus direct access to India's burgeoning lithium-ion electric battery sector.
The company is confident that India offers an abundance of commercial opportunities for Recyclus describing it as "well placed to address the pressing need for li-ion battery processing in India's cities, with its mobile offering providing solutions for the provinces."
Robin Brundle, co-founder & director of Recyclus, said: "We are honoured to be selected to join the governments' ITES scheme in collaboration with the Indian Government. With a population of c. 1.5 billion with c. 1.3 billion of those owning one or more handheld devices India is in need of a solution to address rising volumes of discarded Li-ion batteries, and our selection evidences the UK government's view of Recyclus as a trusted company in establishing a cradle-to-cradle sustainable circular economy for battery metals supporting the drive to electrification."
By Elijah Dale, Alliance News reporter
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