Technology Minerals PLC (LSE:TM1) said its Recyclus subsidiary has received nearly £2mln from the government to begin building a mobile recycling unit for lithium-ion batteries.
Recyclus, alongside the University of Birmingham (UoB), will use the £1.96mln award from the Innovate UK fund to develop a compact prototype recycling truck, able to split lithium-ion batteries back into the original materials used in production.
"The rapid development of consumer goods such as vapes, handhelds, e-Bikes and the general transition to electric transport is already causing serious environmental issues,” Technology Minerals' chairman Robin Brundle said in a statement.
“The build-up of end-of-life Li-ion batteries over the coming years will create a battery waste tsunami that we need to prepare for,” he added.
He noted that the new recycling units, which will process up to two tonnes of waste per hour using Recyclus's exisitng technology, will “accelerate the recovery” of raw materials and help reduce the need for landfill.
It could “provide a viable and desperately needed solution to the issue of waste batteries,” UoB business engagement manager Kate Jermey said, as the global demand for lithium grows by an expected 30% annually.