Technology Minerals Plc, the UK company focused on creating a sustainable circular economy for battery metals, said it has raised £1.5mln before expenses as part of its initial public offer in London.
At the issue price of 2.25p the company will have a market capitalisation of close to £27.3mln when trading starts on Wednesday.
Issuing its prospectus on its website today, Technology Minerals said at the time of admission it will be a majority shareholder across a portfolio of battery metal projects, including a 49% stake in battery-recycler Recyclus Group.
It said Recyclus is well placed to take advantage of the burgeoning demand for lithium-ion and lead-acid batteries through retrieval, recycling, and repurposing of used battery stock from collection points, large user waste directly, and other nodes like online recycling networks.
Initially, Recyclus will focus on selling salvaged material to third-party chemical processors who are fully able to recycle battery ‘black mass’, the residual but useable metals and chemicals within, into commercially viable stock.
A Lithium-ion and a lead-acid plant are both planned to be located on sites in the UK to collect used stock and convert it to black mass.
Technology Minerals, which raised £5mln pre-IPO
Chief executive Alex Stanbury said, “Technology Minerals will be the UK’s first listed company to create a circular economy in the battery metals sector, covering the entire mineral life cycle from exploration and mining through to end-of-product recycling for cobalt, lithium, nickel, and manganese.
“The world is moving towards electric vehicles which in turn increases demand for metals essential for the batteries needed to power them. Through our ownership of assets which in the future can help with the supply of these battery metals, and technology that can assist in the recycling of batteries, we believe Technology Minerals will be at the forefront of helping the transition of the energy and automotive industry towards a more sustainable future.”