The Neometals Ltd (ASX: NMT) share price is seesawing today despite the company providing a positive update to the ASX.
During the early hours of trade, the advanced materials company's shares were fetching as low as $1.705.
However, they have since picked up to swap hands at $1.775, up 0.28%.
Primobius secures lithium battery recycling permit
Investors are unfazed with the company's latest update, sending the Neometals share price into mixed territory.
In the release, Neometals advised its joint venture company, Primobius has received an operating permit for 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 receipt of the federal operating permit enables commercial operations to commence at its lithium-ion battery recycling facility. This will see up to 10 tonnes per day of battery-grade metal sulphate chemicals safely recycled into new battery production.
Neometals noted that Primobius is receiving and storing EV battery modules from its disposal service customer before beginning operations in mid-May.
In addition, Primobius is delivering its first intermediate active material product to a German metal recycler next week.
Management plans to deliver a number of bulk samples to multiple parties for evaluation of larger and longer-term offtake arrangements.
The shredding plant is expected to generate near-term revenue as well as prove the efficacy of the shredding circuit.
Neometals said that 50 tonnes per day of recycling operations are currently the subject of engineering cost studies. This is scheduled to be completed by 30 June 2022.
Neometals share price snapshot
Over the past 12 months, the Neometals share price rocketed by more than 270% for investors.
The company's shares hit an all-time high of $1.97 at the start of this month, before slightly retracing.
Based on today's price, Neometals presides a market capitalisation of roughly $967.88 million.
