Technology Minerals PLC (LSE:TM1) shares surged as much as 80% on Thursday after its battery recycling opertion, Recyclus, secured funding as part of an £8.1 million UK-based lithium-ion recycling consortium.
The funding, awarded through a consortium with Mint Innovation, Jaguar Land Rover and the University of Warwick, is coming via an even split between the Department for Business & Trade and the industrial partners.
It will be used to scale up Mint Innovation’s low-carbon hydrometallurgical technology, which recovers valuable materials such as lithium, nickel and cobalt from used batteries.
Recyclus, in which Technology Minerals holds a 48.35% stake, will contribute industrial expertise through its subsidiary LiBatt Recycling, helping bring the technology closer to commercial use.
Robin Brundle, chairman of Technology Minerals and director of Recyclus, said: “We’re thrilled to be collaborating with Mint Innovation, JLR, and WMG on this ground-breaking project, which marks a major milestone in advancing the UK’s circular Li-ion battery economy.”
After the initial burst of activity, shares settled at 0.024p, up 0.10p.