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.
3
July 2024
Technology Minerals
Plc
("Technology Minerals" or the
"Company")
Black mass offtake agreement
with LOHUM
Technology Minerals Plc (LSE: TM1),
the first listed UK company focused on creating a sustainable
circular economy for battery metals, is pleased to announce that
its 48.35% owned subsidiary Recyclus Group Ltd ("Recyclus") has
signed a black mass offtake agreement with LOHUM Cleantech
("LOHUM"), India's leading producer of sustainable energy
transition materials.
Recyclus will sell black mass
produced at its industrial-scale lithium-ion ("Li-ion") battery
recycling facility in Wolverhampton to LOHUM's facility in India,
with the requisite regulatory approvals underway. This
agreement aligns with Recyclus' strategy to sell black mass to
multiple partners as it continues to build its inventory of black
mass.
Black mass contains essential metals
including lithium, manganese, nickel, and cobalt that can be
reprocessed and sold back into the battery manufacturing supply
chain. Recyclus has achieved a significant 47% recycling rate from
end-of-life battery to black mass at its recycling facility in
Wolverhampton.
LOHUM is India's largest battery
recycler and hosts the country's largest energy transition
materials refinery that produces high-purity market-ready products.
LOHUM's NEETM multi-stage Hydrometallurgical process recovers
energy transition materials with 95% yield at purity rates
averaging 99.5%. LOHUM has garnered partnerships with various
leading international and Indian EV brands, battery manufacturers,
and materials companies like Mercedes Benz Energy, MG Motor India,
Log9, Ather, Vecmocon, Altigreen, and Stellantis India & Asia.
LOHUM has also partnered with key pillars of Nepal's EV ecosystem
including MG Nepal, Tata Motors Nepal, and more.
The partnership with Lohum
originated from Recyclus' academic partnership with the University
of Birmingham. This collaboration led to Recyclus' involvement in
hosting a delegation from India, which included a government
representative, academia and industry leaders. In addition,
Recyclus being selected to join the UK and Indian Governments'
Innovating for Transport and Energy Systems ("ITES") scheme, aimed
at developing trade links and advancing electrification, further
strengthened the relationship with Lohum. The invitation to join
the international scheme underlined the company's position as a UK
leader in Li-ion battery recycling, and has helped to unlock new
commercial opportunities. Together, Recyclus and LOHUM form a
closed-loop materials ecosystem where Recyclus will produce black
mass and LOHUM will extract critical materials from it with 95%
yield and best-in-market 99.5% average purity.
Robin Brundle, Chairman of Technology Minerals and Director of
Recyclus, said: "We are delighted to secure this black mass
offtake agreement with LOHUM, India's largest producer of
sustainable energy transition materials. It is a strong endorsement
for our battery recycling process and demonstrates the demand for
black mass, which contains minerals crucial for the battery
manufacturing sector and green transition. We are seeing increased
commercial traction for our recycling solutions, and this deal
further underscores our potential to build international trading
partners as the world shifts to electrification."
Rajat Verma, Founder & CEO of LOHUM,
expressed: "We applaud
Recyclus' success in extracting black
mass with viability, and this partnership will effectively help
both companies close the loop on battery raw materials. This
partnership is also one of the world's first examples of a circular
materials ecosystem consisting of multiple recyclers in the same
loop. The black mass recovered by Recyclus will be further refined
at LOHUM to yield various critical minerals vital to the energy
development and energy security of nations
worldwide."
Enquiries
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Technology Minerals Plc
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Robin Brundle, Executive
Chairman
Alex Stanbury, Chief Executive
Officer
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c/o +44 (0)20 4582 3500
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Oberon Capital (Broker)
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Nick Lovering, Adam
Pollock
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+44 (0)20 3179 0500
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Gracechurch Group (Financial PR)
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Harry Chathli, Alexis Gore, Rebecca
Scott
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+44 (0)20 4582 3500
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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. The
Company currently holds 48.35% of the issued share capital of
Recyclus Group Ltd, the UK's first industrial scale recycler of
both lithium-ion and lead acid batteries.
Technology Minerals is focused on
raw material exploration required for lithium-ion batteries, whilst
solving the ecological issue of spent lithium-ion batteries, by
recycling them for re-use by battery manufacturers. Further
information on Technology Minerals is available at
https://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 for
battery metals. Further information on Recyclus Group is available
at https://www.recyclusgroup.com/.
About LOHUM
LOHUM is India's largest producer of
sustainable energy transition materials through integrated battery
recycling & raw material refining and battery
repurposing. Recognised as 'The Most Innovative Company of the Year 2022' by The
Confederation of Indian Industry (CII), honoured with the National Energy
Efficiency Innovation Award (NEEIA) in 2023, and the FICCI India
Circular Economy Award (ICEA) in 2024, LOHUM is committed to making
battery materials last forever. An engine of innovation, LOHUM's
R&D focus is driving sustainable climate technology. LOHUM's
NEETM™ Lithium-ion battery material recycling and extraction
technology yields top-quality materials and produces zero waste.
The company's DETX™ battery price index makes it easy to determine
accurate prices of battery materials and provides 'future' buyback
prices. LOHUM is slated to offset over 4 Million Tons of CO2e by
2026. Visit our real-time CO2e savings counter on
https://lohum.com/.
