Shares in Technology Minerals PLC (LSE:TM1) surged 18% in the first hour of trading on Wednesday after the company announced its largest commercial deal to date.
Its battery recycling subsidiary, Recyclus, has signed a one-year contract with a global industrial group to process end-of-life lithium-ion batteries at its Wolverhampton facility.
Under the agreement, Recyclus will earn revenue both from gate fees for accepting used batteries and from the sale of recovered materials, including "black mass", a powder rich in metals like lithium, cobalt and nickel used in battery manufacturing.
The deal could be worth up to £2 million. Recyclus, 48.35% owned by Technology Minerals, has secured several new contracts in recent months, reflecting growing demand for large-scale battery recycling solutions.
Chief executive Alex Stanbury described the unnamed client as a “global major” and said the agreement confirmed Recyclus’s reputation as a leading recycler in the shift toward electrification.
In early trading, the stock was up 0.014p at 0.097p.