Technology Minerals PLC (LSE:TM1) associate Recyclus has signed a black mass offtake agreement with LOHUM Cleantech, India's leading producer of sustainable energy transition materials.
Once regulatory approval is received, Recyclus will sell black mass produced at its lithium-ion battery recycling facility in Wolverhampton to LOHUM's facility in India.
Black mass contains essential metals including lithium, manganese, nickel, and cobalt that can be reprocessed and sold back into the battery manufacturing supply chain.
Technology Minerals said Recyclus has achieved a 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 producing high-purity market-ready products for partners including Mercedes Benz, MG Motor and Stellantis.
Technology Minerals added that the partnership originated from Recyclus' academic partnership with the University of Birmingham.
Robin Brundle, Technology Minerals chairman and a Recyclus director. said he was delighted with the agreement.
“It is a strong endorsement for our battery recycling process and demonstrates the demand for black mass.
“This deal further underscores our potential to build international trading partners as the world shifts to electrification."
Rajat Verma, LOHUM’s CEO added: "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."
Technology Minerals currently owns 48.35% of Recyclus.