Technology Minerals PLC (LSE:TM1) said battery recycling associate Recyclus has identified a target UK site for its second Li-ion battery recycling plant.
Discussions are underway with the relevant authorities to accelerate the necessary permitting process and, if it goes ahead, it will be Recyclus's third plant in total.
Technology Minerals is in the process of acquiring the currently 48%-owned Recyclus fully and expects to circulate a prospectus in the first quarter of next year.
Recyclus operates the UK's first industrial-scale lithium-ion battery recycling plant in Wolverhampton, with the target to recycle 8,300 tonnes (t) of Li-ion batteries in the first full year of production, rising to more than 20,000t by 2025.
A major revenue stream at the Li-ion facility is from the recycling and recovery of black mass and Recyclus has achieved up to the targeted 45% net black mass yield.
Black mass contains battery minerals such as lithium, manganese, nickel and cobalt that can be reprocessed and sold back into the battery supply chain.
Recyclus has applied for a Transfrontier Shipment of Waste (TFS) licence, while it is holding advanced stage discussions for long-term offtake arrangements.
In the meantime, Recyclus is accumulating inventory of black mass each month for shipment following receipt of TFS permitting and suitable offtake agreements.
First orders have also been received for Recyclus' LiBatt boxes from automotive retail group Waylands to store waste Li-ion batteries across its Volvo retail network sites in Bristol, Reading and Oxford.