Shares of Technology Minerals PLC (LON: TM1) surged by 221.10% following an offtake agreement between its subsidiary, Recyclus Group, and Glencore for the supply of black mass—a vital material extracted from recycled lithium-ion batteries.
Under the agreement, Recyclus will supply its black mass, produced at its large-scale lithium-ion (“Li-ion”) facility in Wolverhampton, to Glencore’s European network and operations. Sales of black mass will commence with a 100-tonne trial, after which the commercial terms will be reassessed.
This partnership aligns with Recyclus’ strategy to distribute black mass to multiple key geographical partners as it continues to expand its material inventory. It also highlights the company’s global reach and growing reputation in this specialized sector. Collaborating with Glencore provides Recyclus access to an additional market in a new region, emphasizing its focus on international expansion.
Black mass contains essential metals for battery production, including lithium, manganese, nickel, and cobalt, which can be reprocessed and reintroduced into the manufacturing supply chain. Recyclus’ proprietary process for converting end-of-life batteries into black mass has achieved a significant recycling rate.
The agreement with Glencore follows Recyclus’ previous partnership with LOHUM, India’s leading producer of sustainable energy transition metals. However, the start of black mass sales under the LOHUM agreement has been delayed due to ongoing regulatory approvals between the UK and Indian governments. In contrast, the collaboration with Glencore offers a more immediately accessible market for distributing black mass within Europe.
Robin Brundle, Chairman of Technology Minerals and Director of Recyclus, said: “This marks another key milestone in our mission to return the critical minerals needed to power a sustainable transition to the battery supply chain. As the second agreement of this nature with an international partner, the deal is a strong endorsement for our battery recycling processes and demonstrates the demand for black mass. Commercial traction for our recycling solutions continues to increase, and the agreement further underscores our potential to build international trading partners as the world shifts to electrification.”
