Sunderland Recycling Plant Plans Advance with £1.7m Funding Boost
Sunderland’s new battery recycling plant gets a £1.7m investment to boost UK self-sufficiency and tackle waste from lithium-ion batteries.
Sunderland,
UK,
Lithium Salvage,
Battery Recycling,
Investment
Lithium Salvage wants to build a refinery in Sunderland. This facility will turn waste from lithium-ion batteries into reusable salt. This is important for the UK’s goal of being more self-sufficient.
The UK produces a lot of waste from lithium-ion batteries. These batteries are in many devices, like phones and power tools. Right now, much of this waste is sent abroad for processing.
Lithium Salvage has a way to recover valuable metals from these batteries. They can extract lithium, manganese, cobalt, and nickel. Their eco-friendly method will help recycle these metals for resale.
The company aims to be the UK’s main recycler of household lithium-ion batteries by 2026. They secured £1.7m in funding from Northstar Ventures and other investors. This money will help them grow and improve their Sunderland site.
The investment comes from various sources, including Sixth Wave Ventures and the Northern Powerhouse Investment Fund II. Other contributors include Gaspara Asset Management and UK angel investors.
Lithium Salvage has received support from Innovate UK and Teesside University in the past.
Chairman Simon Robeson said the funding shows confidence in their vision and mission. CEO Duncan Noble highlighted their unique process for recycling batteries sustainably.
Tom O’Neill from Northstar Ventures expressed excitement about leading the investment. He believes Lithium Salvage is addressing a major environmental issue while building a pioneering facility in Sunderland.
Michael Dickens from Maven Capital Partners also supports their plans. He looks forward to helping them operate the UK’s first end-to-end lithium-ion battery recycling facility.
Sarah Newbould from the British Business Bank emphasized the importance of supporting green businesses. She believes this investment will create a more sustainable future for everyone.