Technology Minerals PLC experienced a significant surge in its share price after its subsidiary, Recyclus Group, secured a major offtake agreement with Glencore PLC.
The agreement positions Technology Minerals as a key player in the battery recycling market, which is in high demand due to the global shift towards electrification.
The agreement involves the supply of black mass, a shredded material obtained from spent lithium-ion batteries, which contains critical metals such as lithium, nickel, cobalt, and manganese.
These metals are essential for the production of new batteries and can be recovered through a recycling process.
The partnership between Recyclus and Glencore will begin with a trial phase, allowing both parties to assess the commercial viability of the arrangement.
This deal is a significant milestone for Technology Minerals as it strives to foster a sustainable transition in the battery supply chain.
Glencore has been actively expanding its role in battery recycling through strategic partnerships, aiming to reduce its reliance on newly mined resources and integrate recycled materials into its operations.
The black mass recycling sector is highly competitive, with companies like Li-Cycle, BASF, Umicore, and Fortum vying for market share.
The rising demand for sustainable battery materials, driven by the global expansion of electric vehicle production, has led major automakers to seek partnerships with recyclers.
The agreement between Technology Minerals and Glencore highlights the growing importance of black mass recycling in supporting the transition to electrification and the demand for responsible sourcing of battery materials.