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24 Jul 2023 07:00
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
24 July 2023
Technology Minerals Plc
("Technology Minerals" or the "Company")
Commissioning Phase Progressing on Schedule
Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce its 48.25% owned battery recycling business, Recyclus Group Ltd ("Recyclus"), continues to make good progress through the commissioning phase at the UK's first industrial scale lithium-ion ("Li-ion") battery recycling facility in Wolverhampton, West Midlands.
The commissioning phase is advancing on schedule with the plant steadily increasing its hours of operation as it builds up to continuous operations. Furthermore, the facility has passed comprehensive inspections conducted by all relevant agencies, ensuring the uninterrupted continuation of operations without any delays.
The plant has a permit to process up to 22,000 tonnes of Li-ion batteries per annum and Recyclus expects that 8,300 tonnes will be processed in the first year, utilising a single shift pattern of labour during the standard working week. The plant processes end-of-life Li-ion batteries to produce black mass, which contains critical battery metals that can be reprocessed and sold back into the battery supply chain.
Robin Brundle, Chairman of Technology Minerals, said: "The commissioning phase at the Li-ion battery recycling site is performing well and on schedule. We are steadily increasing the hours of operation as we gear up to full continuous operations and we look forward to updating the market as we continue our progress."
Enquiries
Technology Minerals Plc | |
Robin Brundle, Executive Chairman Alexander Stanbury, Chief Executive Officer | c/o +44 (0) 20 4582 3500 |
Oberon Investments Limited | |
Nick Lovering, Adam Pollock | +44 (0)20 3179 0535 |
| |
Gracechurch Group | |
Harry Chathli, Alexis Gore, Rebecca Scott | +44 (0)20 4582 3500 |
Technology Minerals Plc
Technology Minerals is developing the UK's first listed, sustainable circular economy for battery metals, using cutting-edge technology to recycle, recover, and re-use battery technologies for a renewable energy future. Technology Minerals is focused on extracting raw materials required for Li-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers. With the increasing global demand for battery metals to supply electrification, the group will explore, mine, and recycle metals from spent batteries. Further information on Technology Minerals is available at www.technologyminerals.co.uk
Recyclus Group Ltd
The demand for the raw materials used in battery manufacturing is anticipated to increase substantially. Recyclus Group provides a national recycling initiative that supports the transition to carbon neutrality. Recyclus Group's battery recycling capacity will prove essential in the shift from fossil fuels to electric transportation. Through its strategic support from Technology Minerals, Recyclus is an integral component to the recycling of lithium-ion and lead-acid batteries and is a significant contributor towards the circular economy of battery metals. Further information on Recyclus Group is available at www.recyclusgroup.com
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