- Technology Minerals PLC secures £5.5 million funding for minerals extraction technology
- Recyclus partners with a cleantech company for black mass extraction from lithium-ion batteries
- Funding agreement with Atlas Capital Markets replaces previous arrangement with CLG Capital
- Recyclus aims to refine black mass into precursor cathode active materials for battery manufacturers
- Collaboration aims to revolutionize critical metals extraction for UK’s electrification efforts
Minerals Extraction Technology: Technology Minerals Secures New Funding Deal
Technology Minerals PLC, listed on the London Stock Exchange under the ticker symbol TM1, recently announced a significant milestone in its journey towards advancing minerals extraction technology. The company disclosed that it has secured £5.5 million in funding through a convertible bond facility. This funding boost comes at a crucial time for the firm, as it aims to enhance its operations and expand its footprint in the minerals extraction sector.
Recyclus Adopts Innovative Black Mass Extraction Technology
Recyclus, a battery recycling business in which Technology Minerals holds a 48% stake, has made waves in the industry by selecting cutting-edge black mass extraction technology for its operations. This move signifies a strategic partnership that positions Recyclus at the forefront of sustainable and efficient mineral extraction from spent lithium-ion batteries.
The collaboration involves a memorandum of understanding with a cleantech company specializing in low carbon technologies. This innovative approach aims to process the black mass generated by Recyclus’ lithium-ion battery recycling plants using scalable chemistry-based solutions. The end goal is to produce high-grade precursor cathode active materials suitable for various lithium-ion battery manufacturers.
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According to Anwar Sattar, the scientific director at Recyclus, this partnership has the potential to revolutionize the extraction of critical metals from spent batteries, contributing to the UK’s electrification efforts and advancing the country towards a circular economy model.
Financial Boost for Technology Minerals
The funding secured by Technology Minerals through the convertible bond facility will provide the company with the necessary capital to drive its acquisition of Recyclus forward. This influx of funds will also support the scaling up of operations at Recyclus’ lithium-ion battery recycling plant located in Wolverhampton.
The funding arrangement, facilitated by Atlas Capital Markets, features a 5% per annum coupon over the Bank of England base rate. Structured in five tranches, the initial drawdown of £1.5 million is already underway, with subsequent tranches of £1 million to follow as needed. This financial support replaces a previous agreement with CLG Capital, which Technology Minerals has opted to terminate due to the lender’s failure to provide the total amount agreed upon.
Furthermore, Recyclus’ strategic decision to embrace advanced black mass extraction technology underscores its commitment to sustainability and innovation in the minerals extraction process. By leveraging state-of-the-art methods, Recyclus aims to optimize material recovery and contribute to the development of a more environmentally friendly and efficient minerals supply chain.
Industry Impact and Future Prospects
The adoption of black mass extraction technology by Recyclus not only highlights the company’s dedication to technological advancement but also underscores the broader shift towards sustainable practices in the minerals extraction sector. As the demand for critical metals continues to rise in tandem with the growth of industries such as electric vehicles and renewable energy, efficient extraction methods play a crucial role in meeting these demands while minimizing environmental impact.
Looking ahead, the collaboration between Recyclus and its cleantech partner sets a promising precedent for the future of minerals extraction technology. By embracing innovative solutions and forging strategic partnerships, companies like Recyclus and Technology Minerals are poised to lead the way in sustainable mineral extraction practices, driving positive change in the industry and contributing to a more sustainable future.
The recent developments surrounding Technology Minerals and Recyclus signify a significant step forward in the realm of minerals extraction technology. With a focus on innovation, sustainability, and strategic partnerships, these companies are paving the way for a more efficient, environmentally friendly, and socially responsible approach to mineral extraction, shaping the future of the industry for years to come.
Links to additional Resources: 1. https://www.technologyminerals.co.uk/ 2. https://www.lse.co.uk/ 3. https://www.recyclusgroup.com/