Technology Minerals on Thursday said that its 48.35%-owned subsidiary Recyclus Group has signed a three-year contract to recycle lithium-ion batteries for a global automotive manufacturer.
The deal is Recyclus's largest to date by both volume and revenue, and nearly doubles the company's processing volumes with a corresponding rise in revenue.
Under the take-or-pay agreement, Recyclus will process the customer's electric vehicle battery packs at its industrial-scale facility in Wolverhampton, earning gate fees for the batteries alongside revenue from selling black mass and other recovered materials.
The contract carries a mutual break clause exercisable at 18 months, and is expected to bring the Wolverhampton site close to full capacity when combined with existing customer activity.
Recyclus expects the agreement to shift its business from predominantly purchase-order work toward more predictable, contracted volumes, and said it should drive consistent profitability before the end of the current financial year.
"This contract is a defining milestone for Recyclus," said Alex Stanbury, chief executive of Technology Minerals and a director of Recyclus, adding that it gives the company "the contracted base we need to move from project work to a scalable, nationally relevant recycling capability".
Nicholas Bridle, chief operating officer of Technology Minerals, said the deal shows "sovereign capability can be built, owned and scaled as an operating business" and gives the group "a clear path from single site to a nationally relevant capability".
Recyclus has operated its national, industrial-scale lithium-ion battery recycling service since July 2023, positioning cradle-to-cradle recycling as a way to cut reliance on virgin material extraction and support a UK circular economy for battery metals.
Mantle said the contract strengthens the value of its Recyclus investment and supports the group's wider strategy of scaling sovereign capabilities that reduce reliance on external supply chains.
