Technology Minerals PLC (LSE:TM1) has told investors that its part-owned battery recycling business, Recyclus Group, has now received the final approval draft from the Environment Agency (EA) for its proposed lithium-ion plant in Wolverhampton, West Midlands.
Recyclus has subsequently responded to the EA to confirm its acceptance of the draft permit and expects the official EA certification to be completed imminently, the company said in a statement.
It is described as “a major milestone” for Recyclus as it brings closer the Wolverhampton operation which is set to be the first industrial-scale plant in the UK with the capability to recycle lithium-ion (Li-ion) batteries.
The plant is envisaged as having capacity to recycle up to 8,300 tonnes of Li-ion batteries in the first year of operation, based on a single operating shift on five days per week, and, is proposed to scale to 41,500 tonnes in the coming years by bolting-on additional plants.
"Receiving the EA final approval draft to commence full automated operations at our Li-ion battery recycling plant in Wolverhampton is a landmark moment for the Company and for the UK,” said Technology Minerals chair Robin Brundle in the statement.
"The battery recycling facility will be the first in the UK with capability to recycle Li-ion batteries on an industrial scale and will immediately begin recycling operations once the official certification is issued, which we expect imminently.
“With feedstock stored and ready to be processed, everything is in place to kick start operations at the facility and commence generation of cash flow," he added.
Brundle noted: “Recyclus will generate revenue through gate fees and the sale of the recycled materials that can then be reused in various industries, with the added benefit of diverting spent batteries from landfill.
“As the world transitions to electrification and demand for Li-ion batteries increases, we believe we have a strong first mover advantage for what is an industrial scale opportunity.
“We look forward to building long-term relationships with businesses and organisations, both in the UK and internationally, which need a solution for their end-of-life batteries."
In London, Technology |Minerals' shares jumped some 20% in Wednesday's early deals to change hands at 2.39p each which values the company at more than £35mln.