REG - Technology Minerals - Black mass offtake agreement with LOHUM

Technology MineralsAnnouncement

03/07/2024 07:00

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RNS Number : 8827U  Technology Minerals PLC  03 July 2024

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
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disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

 

 

3 July 2024

Technology Minerals Plc

 

("Technology Minerals" or the "Company")

 

Black mass offtake agreement with LOHUM

 

 

Technology Minerals Plc (LSE: TM1), the first listed UK company focused on
creating a sustainable circular economy for battery metals, is pleased to
announce that its 48.35% owned subsidiary Recyclus Group Ltd ("Recyclus") has
signed a black mass offtake agreement with LOHUM Cleantech ("LOHUM"), India's
leading producer of sustainable energy transition materials.

 

Recyclus will sell black mass produced at its industrial-scale lithium-ion
("Li-ion") battery recycling facility in Wolverhampton to LOHUM's facility in
India, with the requisite regulatory approvals underway.  This agreement
aligns with Recyclus' strategy to sell black mass to multiple partners as it
continues to build its inventory of black mass.

 

Black mass contains essential metals including lithium, manganese, nickel, and
cobalt that can be reprocessed and sold back into the battery manufacturing
supply chain. Recyclus has achieved a significant 47% recycling rate from
end-of-life battery to black mass at its recycling facility in Wolverhampton.

 

LOHUM is India's largest battery recycler and hosts the country's largest
energy transition materials refinery that produces high-purity market-ready
products. LOHUM's NEETM multi-stage Hydrometallurgical process recovers energy
transition materials with 95% yield at purity rates averaging 99.5%. LOHUM has
garnered partnerships with various leading international and Indian EV brands,
battery manufacturers, and materials companies like Mercedes Benz Energy, MG
Motor India, Log9, Ather, Vecmocon, Altigreen, and Stellantis India &
Asia. LOHUM has also partnered with key pillars of Nepal's EV ecosystem
including MG Nepal, Tata Motors Nepal, and more.

 

The partnership with Lohum originated from Recyclus' academic partnership with
the University of Birmingham. This collaboration led to Recyclus' involvement
in hosting a delegation from India, which included a government
representative, academia and industry leaders.  In addition, Recyclus being
selected to join the UK and Indian Governments' Innovating for Transport and
Energy Systems ("ITES") scheme, aimed at developing trade links and advancing
electrification, further strengthened the relationship with Lohum. The
invitation to join the international scheme underlined the company's position
as a UK leader in Li-ion battery recycling, and has helped to unlock new
commercial opportunities. Together, Recyclus and LOHUM form a closed-loop
materials ecosystem where Recyclus will produce black mass and LOHUM will
extract critical materials from it with 95% yield and best-in-market 99.5%
average purity.

 

 

Robin Brundle, Chairman of Technology Minerals and Director of Recyclus, said:
"We are delighted to secure this black mass offtake agreement with LOHUM,
India's largest producer of sustainable energy transition materials. It is a
strong endorsement for our battery recycling process and demonstrates the
demand for black mass, which contains minerals crucial for the battery
manufacturing sector and green transition. We are seeing increased commercial
traction for our recycling solutions, and this deal further underscores our
potential to build international trading partners as the world shifts to
electrification."

 

Rajat Verma, Founder & CEO of LOHUM, expressed: "We applaud Recyclus'
success in extracting black mass with viability, and this partnership will
effectively help both companies close the loop on battery raw materials. This
partnership is also one of the world's first examples of a circular materials
ecosystem consisting of multiple recyclers in the same loop. The black mass
recovered by Recyclus will be further refined at LOHUM to yield various
critical minerals vital to the energy development and energy security of
nations worldwide."

 

 

Enquiries

 

 Technology Minerals Plc
 Robin Brundle, Executive Chairman          c/o +44 (0)20 4582 3500

 Alex Stanbury, Chief Executive Officer

 Oberon Capital (Broker)
 Nick Lovering, Adam Pollock                +44 (0)20 3179 0500

 Gracechurch Group (Financial PR)
 Harry Chathli, Alexis Gore, Rebecca Scott  +44 (0)20 4582 3500

 

Technology Minerals Plc

 

Technology Minerals is developing the UK's first listed, sustainable circular
economy for battery metals, using cutting-edge technology to recycle, recover,
and re-use battery technologies for a renewable energy future. The Company
currently holds 48.35% of the issued share capital of Recyclus Group Ltd, the
UK's first industrial scale recycler of both lithium-ion and lead acid
batteries.

 

Technology Minerals is focused on raw material exploration required for
lithium-ion batteries, whilst solving the ecological issue of spent
lithium-ion batteries, by recycling them for re-use by battery manufacturers.
Further information on Technology Minerals is available at
https://www.technologyminerals.co.uk/ (https://www.technologyminerals.co.uk/)
.

 

Recyclus Group Ltd

 

The demand for the raw materials used in battery manufacturing is anticipated
to increase substantially. Recyclus Group provides a national recycling
initiative that supports the transition to carbon neutrality. Recyclus Group's
battery recycling capacity will prove essential in the shift from fossil fuels
to electric transportation. Through its strategic support from Technology
Minerals, Recyclus is an integral component to the recycling of lithium-ion
and lead acid batteries and is a significant contributor towards the circular
economy for battery metals. Further information on Recyclus Group is available
at https://www.recyclusgroup.com/ (https://www.recyclusgroup.com/) .

 

About LOHUM

 

LOHUM is India's largest producer of sustainable energy transition materials
through integrated battery recycling & raw material refining and battery
repurposing. Recognised as 'The Most Innovative Company of the Year 2022' by
The Confederation of Indian Industry (CII), honoured with the National Energy
Efficiency Innovation Award (NEEIA) in 2023, and the FICCI India Circular
Economy Award (ICEA) in 2024, LOHUM is committed to making battery materials
last forever. An engine of innovation, LOHUM's R&D focus is driving
sustainable climate technology. LOHUM's NEETM™ Lithium-ion battery material
recycling and extraction technology yields top-quality materials and produces
zero waste. The company's DETX™ battery price index makes it easy to
determine accurate prices of battery materials and provides 'future' buyback
prices. LOHUM is slated to offset over 4 Million Tons of CO2e by 2026. Visit
our real-time CO2e savings counter on https://lohum.com/ (https://lohum.com/)
.

 

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