Technology Minerals Ltd has made a high profile appointment to its board ahead of its listing later this quarter.
Joining the battery metals and recycling specialist as a non-executive director is Philip Beard, the businessman who led the successful London 2012 Olympic and Paralympic bid team.
The appointment of Beard, a founding partner of Air Miles and former chief executive of both The O2 venue in Greenwich and Queens Park Rangers FC, is with immediate effect.
“Philip impressed us with his outstanding communication and presentation skills,” said chief executive Alex Stanbury.
London listing
“Upon listing on the London Stock Exchange, Technology Minerals will be a truly global business, and it will be an enormous advantage for us to have Philip by our side both during the listing process and subsequently as a plc with operations on three continents.
“He is clearly a powerful team player, with a strong track record of building and motivating world-class management teams.”
Beard’s appointment followed the recruitment of former Grant Thornton senior partner Nigel Ruddock, who is taking the role of chief financial officer.
Last month the group, which is developing the first sustainable economy for battery metals, submitted its listing prospectus while confirming it had completed an oversubscribed funding round thought to have brought in £4mln.
The company is expected to net a further £1mln at listing.
The cash is to be used to develop battery recycling plants. TM's Recyclus business owns technology that allows it to recycle both lead-acid and lithium-ion batteries.
Ambitious plans
It plans to grow from an initial 10,000 tonnes of lead-acid capacity to 60,000 tonnes in five years and to 20,000 tonnes from 5,000 in the lithium-ion space in the same time scale.
With one site already in operation, TM has identified two new sites in Teesside and Coventry.
In year one, TM is predicting Recyclus will turn over £9.6mln, rising to £28.5mln and then almost £55mln by year three. It will be profitable by year two, the company reckons with net earnings of £5.4mln, rising then to £15.3mln.
The top line could grow to £220mln by year five, TM estimates. That sort of growth could propel the group into the ranks of the mid-caps very quickly.
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The company also owns a number of mining development opportunities as part of a battery metals proposition with a green dimension that has significant early revenue and profit potential.
“Technology Minerals will become the first UK company at the time of listing, to create a circular economy for battery metals within a single group,” said CEO Stanbury.
“This will be achieved by extracting the raw materials required for Li-ion Battery cathodes, and then help solve the ecological issue of spent Li-ion batteries by recycling them for reuse by battery manufacturers. We believe that circular economies hold the key to a viable future for electric vehicles.
“We have assembled a major recycling group and a strong portfolio of mining assets backed by an experienced board.