Project to recycle EV batteries from major OEM

Technology Minerals PLC

20 January 2025

 

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.

20 January 2025

Technology Minerals Plc 

("Technology Minerals" or the "Company") 

Project to recycle EV batteries from major OEM 

Technology Minerals Plc (LSE: TM1), the first UK listed company focused on creating a sustainable circular economy for battery metals, is pleased to announce that its 48.35% owned battery recycling business, Recyclus Group Ltd ("Recyclus"), has completed a programme to recycle fire-damaged lithium-ion ("Li-ion") battery packs from an electric vehicle original equipment manufacturer ("EV OEM").

Recyclus processed complete vehicle EV Li-ion battery packs from the EV OEM after the batteries had been compromised by a thermal event. The damaged units had to be dismantled by Recyclus' specialist high voltage engineer team before being fast tracked, on site, to the recycling team. All batteries were safely processed at the industrial scale Li-ion battery recycling facility in Wolverhampton.

The project provides further validation of Recyclus' cradle-to-cradle recycling solution. It marks the third new customer announced this month, including two majors in the automotive sector and a leading online retailer. It highlights Recyclus' capabilities to address the critical challenge of safely storing, transporting, processing, and recycling of Li-ion batteries. Recyclus not only resolves issues surrounding end-of-life or compromised Li-ion batteries but also contributes to increasing the supply of critical metals essential for driving the transition to electrification.  

Robin Brundle, Chairman of Technology Minerals and Director of Recyclus, said: "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. The selection of our Li-ion battery recycling solutions by such high-calibre organisations demonstrates the growing demand and recognition of our pioneering technology. 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."

Enquiries

Technology Minerals Plc
Robin Brundle, Executive Chairman Alex Stanbury, Chief Executive Officer	c/o [phone]
Oberon Investments Limited (Broker)
Nick Lovering, Adam Pollock	[phone]
Gracechurch Group (Financial PR)
Harry Chathli, Alexis Gore, Rebecca Scott	[phone]

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 raw material exploration required for Li-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers. 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 batteries and is a significant contributor towards the circular economy for battery metals. Further information on Recyclus Group is available at https://www.recyclusgroup.com/.

 

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