Technology Minerals PLC (LSE:TM1) told investors it expects to complete its proposed acquisition of the outstanding shares of Recyclus Group in the first quarter.
It will be designated as a reverse takeover and will see Technology Minerals buy out the 51.65% of Recyclus that it doesn’t already own.
The London-listed company, in a statement, also noted that it will change its name to Recyclus Group PLC following the deal completion.
It expects that the addition of the Recyclus technology will accelerate the strategy to create a circular economy for battery metals.
Since the acquisition was announced, Recyclus has achieved significant milestones, Technology Minerals noted, including the licensing of both battery recycling plants, its li-ion facility is operational and is steadily building production volumes, and commercial activity is expected to start at its lead acid plant by Q1 2024 after commissioning.
Technology Minerals chief financial officer James Cable highlighted that the deal pushes forwards a twin-track strategy to create a circular economy for battery metals through both the raw material supply and the reprocessing and re-use of end-of-life batteries.
"It is pleasing to see the significant progress over recent months both in the operations of Recyclus and with the proposed transaction, with both parties committed to completing the transaction in early Q1 2024,” Cable said.
"Recyclus has taken tremendous strides forwards in recent months with the Wolverhampton Li-ion battery recycling plant now operational, feedstock arriving at the site, and set to generate cashflows.
“In addition, the Tipton lead acid plant is expected to be fully operational and begin commercial activity in Q1 2024.
“To have both plants operating and generating revenues by Q1 2024 puts Recyclus in a far stronger position and provides an excellent foundation for sustainable long term growth.”