Technology Minerals makes key hire IPO preparations continue in earnest
Technology Minerals Ltd has made a key appointment ahead of its imminent float following the recruitment of former Grant Thornton senior partner Nigel Ruddock as chief financial officer.
During his tenure at the accountancy group, he was chairman of the UK business as well as being a member of the global leadership responsible for developing international business.
Crucially, he has capital markets experience as well as extensive knowledge of the automotive sector.
That latter will be helpful as the company develops its Recyclus battery recycling business. Ruddock will join Technology Minerals at float.
“The appointment of someone of Nigel’s calibre, with his extensive experience of both the capital markets and the automotive sector, is a real positive for the business ahead of the IPO,” said chief executive Alex Stanbury.
The new hire comes as TM prepares to make its stock market debut.
Last week the group, which is developing the first sustainable economy for battery metals, submitted its listing prospectus while confirming it had completed an oversubscribed funding round thought to have brought in £4mln.
The company is expected to net a further £1mln at listing.
The cash is to be used to develop battery recycling plants. TM’s Recyclus business owns technology that allows it to recycle both lead-acid and lithium-ion batteries.
It plans to grow from an initial 10,000 tonnes of lead-acid capacity to 60,000 tonnes in five years and to 20,000 tonnes from 5,000 in the lithium-ion space in the same time scale.
With one site already in operation, TM has identified two new sites in Teesside and Coventry.
In year one, TM is predicting Recyclus will turn over £9.6mln, rising to £28.5mln and then almost £55mln by year three. It will be profitable by year two, the company reckons with net earnings of £5.4mln, rising then to £15.3mln.
The top line could grow to £220mln by year five, TM estimates. That sort of growth could propel the group into the ranks of the mid-caps very quickly.
The company also owns a number of mining development opportunities as part of a battery metals proposition with a green dimension that has significant early revenue and profit potential.
“Technology Minerals will become the first UK company at the time of listing, to create a circular economy for battery metals within a single group,” said CEO Stanbury.
“This will be achieved by extracting the raw materials required for Li-ion Battery cathodes, and then help solve the ecological issue of spent Li-ion batteries by recycling them for reuse by battery manufacturers. We believe that circular economies hold the key to a viable future for electric vehicles.
“We have assembled a major recycling group and a strong portfolio of mining assets backed by an experienced board.
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