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Shares in Technology Minerals PLC surged 273% following its subsidiary Recyclus Group's offtake agreement with Glencore PLC for black mass, a material derived from spent lithium-ion batteries. This deal, starting with a 100-tonne trial, marks a significant milestone in the battery recycling market, supporting sustainable practices as demand for recycled materials grows amid the electrification shift. Glencore's broader strategy includes partnerships to enhance its battery recycling capabilities, reflecting the increasing competition and necessity for sustainable sourcing in the industry.
Shares in Technology Minerals PLC surged 273% following its subsidiary Recyclus Group's offtake agreement with Glencore PLC for black mass, a material derived from spent lithium-ion batteries. This deal, starting with a 100-tonne trial, marks a significant milestone in the battery recycling market, supporting sustainable practices as demand for recycled materials grows amid the electrification shift. Glencore's broader strategy includes partnerships to enhance its battery recycling capabilities, reflecting the increasing competition and importance of securing critical metals from recycled sources.
UBS Group has raised its price target for Li-Cycle (NYSE: LICY) from $2.00 to $2.25, indicating a potential upside of 3.21%. The stock traded at $2.18 with a market cap of $50.62 million, while hedge funds hold 54.12% of the shares. Li-Cycle specializes in lithium-ion battery recycling and resource recovery in North America.
Li-Cycle Holdings Corp, a Canadian company, specializes in lithium-ion battery resource recovery, aiming to establish a closed-loop battery supply chain for clean energy. Utilizing its sustainable Spoke and Hub technologies, it recycles battery waste to produce black mass, which contains valuable metals like lithium, nickel, and cobalt. The company plans to process this black mass into essential battery materials, including lithium carbonate, to support the lithium-ion battery supply chain.
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