Technology Minerals PLC (LSE:TM1) said its first battery recycling site is ready to start operating, as the company published its first set of results since floating in November.
Having announced the opening of the lead-acid battery recycling site, in Tipton, West Midlands, in January, 49%-owned associate Recyclus, which operates the plants, was said to be building inventory as it awaits final clearance from the Environmental Agency.
The Tipton plant is the first of 10 Recyclus plants planned for the coming six years, with the first lithium-ion recycling facility expected to open this year in Wolverhampton. Once operational, it will be the first in the UK with the capacity to recycle Li-ion batteries on an industrial scale.
Elsewhere, the company is building a portfolio of metal exploration projects focused on key battery metals including cobalt, copper, nickel, manganese and lithium.
Following the £1.5mln initial public offer on London’s main market and £5mln raised pre-IPO, during the six months to 31 December the company extended its loan to Recyclus and associates to £3.3mln.
Investment in the business and the IPO costs led to a £1.07mln loss before tax for the half-year, leaving £0.76mln of cash on the balance sheet.
Chief executive Alex Stanbury said it was “a great six months for the development of Technology Minerals”.
He added: “Between battery recycling and the extraction of metals, we aim to cover the entire mineral life cycle from exploration and mining through to end-of-product recycling for cobalt, lithium, nickel, and manganese.
“Technology Minerals is in prime position to take advantage of the global swing to electrification as electric vehicles replace the internal combustion engine and the pressing necessity for battery metals heightens. We are providing a solution to a critical need in the global transition to a more sustainable, green economy."