Technology Minerals shares rose on Monday after announcing it has secured a contract to recycle lithium-ion batteries from a major global automotive manufacturer.
The company’s battery recycling subsidiary, Recyclus Group Ltd, in which Technology Minerals holds a 48.35% stake, will process hundreds of electric vehicle battery packs at its industrial facility in Wolverhampton.
The agreement marks Recyclus’ first international contract, with batteries to be sourced both from within the UK and overseas as part of the automotive manufacturer’s battery recall programme.
Technology Minerals shares rose 25% on the news but are still down 86% over the past year.
“We are thrilled to collaborate with a globally renowned company that shares our commitment to driving sustainability in the automotive sector. The multinational scope of the partnership highlights the industry-leading nature of Recyclus’ solutions, building further momentum for the company and reinforcing our position as a trusted service provider for Li-ion battery recycling,” said Robin Brundle, Chairman of Technology Minerals and Director of Recyclus.