Technology Minerals PLC on Wednesday said its recycling business Recyclus Group Ltd was awarded grant funding to help develop its processes.
The London-based battery metals firm said its 48% owned battery recycling business has received £50,000 in funding from the Clean Futures Accelerator Programme, headed by Catapult Connected Places.
Technology Minerals shares were up 14% at 0.20 pence each in London on Wednesday afternoon.
Recyclus will match the grant with an additional £50,000 so that it can continue to develop a ‘groundbreaking’ recycling process for lithium thionyl chloride batteries used in devices that require a long life span such as fire alarms and smart meters.
On August 29, Recyclus set a record throughput for processing Li-ion batteries under 4 kilograms in a single shift at its Wolverhampton Li-ion recycling facility, successfully shredding 7.2 tonnes of batteries.
This involved a range of small batteries sourced from handheld devices that had been obtained through strategic partnerships and did not include E-Bike, automotive, and traction batteries.
Technology Minerals Chair & Director of Recyclus Robin Brundle said: ‘Our recent achievement of setting a new processing record at our Li-ion recycling facility highlights our ability to progressively ramp-up our recycling process, providing a key sustainable solution within the recycling industry to the issue of discarded Li-ion batteries. This funding will allow us to continue driving innovation and advancing a more sustainable future across all industrial sectors in the shift to electrification.’
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