The Neometals Ltd (ASX: NMT) share price is heading north today following the commissioning of its battery recycling plant.
At the time of writing, the advanced materials company's shares are up 1.46% to $1.05 apiece. In comparison, the All Ordinaries (ASX: XAO) is down 0.525 to 7,586.6 points.
Neometals edges closer to battery disposal recycling service
Investors appear pleased with the company's latest update, sending the Neometals share price into positive territory.
In the release, Neometals advised its joint venture company, Primobius has successfully commissioned its commercial shredding plant in Hilchenbach, Germany.
Primobius is 50% owned by Neometals, with the remaining interest held by plant construction and mechanical engineering services company, SMS group.
The newly expanded shredding plant enables commercial operations to commence in the first quarter of 2022, subject to board approvals. This will see up to 10 tonnes per day of battery-grade metal sulphate chemicals safely recycled into new battery production.
Nonetheless, Primobius is continuing its operational readiness activities ahead of the receipt of its Federal environmental (emissions) licence. In addition, commercial battery disposal agreements are advancing. Primobius is focusing on potential partners and customers with direct access to large volumes of production scrap and end-of-life feedstocks.
Neometals managing director, Chris Reed commented:
Firstly, I'd like to congratulate SMS for delivering this showcase of German engineering, it heralds the entry of Primobius into the European battery supply chain.
Our solutions for the safe disposal and sustainable recycling of lithium-ion batteries coupled with our flexible business models make Primobius a compelling value proposition for potential customers and a formidable competitor to the incumbent recyclers.
Neometals share price snapshot
Over the past 12 months, the Neometals share price has rocketed 400%. Year to date has been just as impressive, up 300% over the period.
The company's shares hit an all-time high of $1.19 this month, before slightly treading lower thereafter.
Based on today's price, Neometals presides a market capitalisation of roughly $573.05 million, with approximately 548.38 million shares on issue.
