Technology Minerals, a company developing a circular economy for battery metals, has announced that it has secured £2.5 million (~$2.7 million) from a new investor. The funding will help the company advance its projects in mining and recycling battery metals, which are essential for the global transition to electrification.
The company has raised £800,000 (~860,000) through a subscription of 80 million new ordinary shares at 1p per share and £1.7 million (~$1.8 million) through the issue of convertible unsecured loan notes. The loan notes have a 12% annual interest rate and a two-year term.
The shares can be converted into ordinary shares at 3.5 pence per share.
Technology Minerals aims to create a sustainable circular economy for battery metals in the UK by using advanced technology to recycle used batteries and recover the metals for making new batteries. The company also mines the raw materials needed for lithium-ion batteries.
The company has several projects in various stages of development across the UK and Europe. The funds will also help scale-up operations at Recyclus, a subsidiary of Technology Minerals that operates a lithium-ion battery recycling plant in West Sussex. The plant is now in the final stages of obtaining the Environmental Agency license to commence industrial-scale processing.
Alex Stanbury, the chief executive of Technology Minerals, said: “We are pleased to secure funding from a new long-term shareholder, which provides us with sufficient runway to progress our projects currently underway. The funds strengthen our foundations as we pursue our twin-track strategy to create a circular economy for battery metals essential to the global transition to electrification.”
According to Mercom’s Annual And Q4 2022 Funding and M&A Report for Storage, Grid & Efficiency. In 2022, announced debt and public market financing for energy storage companies increased 151%, with $20.6 billion in 28 deals compared to $8.2 billion raised in 2021.