Recyclus Group’s 2025: A Defining Year of Scale, Innovation and Global Recognition

2025 marked a turning point for Recyclus Group — a year in which our lithium-ion battery recycling operations attained commercial traction. Supported by major OEMs, global industrial partners, and UK-backed innovation programmes, Recyclus has established itself as a leading player in the fast-expanding circular battery economy.

Partnering with a Major OEM: Advancing the EV Transition

We opened the year with a milestone that signalled our arrival on the global stage: a strategic agreement to recycle electric-vehicle batteries for a major global automotive OEM. This partnership not only validates the performance and scalability of our recycling technology — it firmly embeds Recyclus within international OEM supply chains and strengthens the circularity of the EV market.

Inviting Stakeholders In: Shareholder Visit to Wolverhampton

January saw shareholders welcomed inside our Wolverhampton lithium-ion recycling facility for an immersive tour. The visit showcased our industrial-scale processing equipment, rigorous safety protocols and production of high-quality black mass, offering investors a transparent view of a plant ready for increased processing volume and commercial expansion.

Scaling Our Black Mass Strategy: Regulatory Success and First Exports

TFS Licence Approval
In February, Recyclus achieved a key regulatory breakthrough with approval of a Transfrontier Shipment of Waste (TFS) licence. This licence enables compliant export of black mass to Europe under our offtake agreement with Glencore — unlocking long-term, stable materials flows and strengthening our role in the global battery-materials supply chain.

First Shipment to Europe
Shortly thereafter, we delivered our first black mass shipment to Europe. This marked the moment our operations transitioned from capability to commercial reality: proof that Recyclus can produce, qualify and export high-grade black mass at scale.

Record Commercial Momentum: Our Largest Contract to Date

April brought our largest commercial agreement yet — a 12-month contract with a major global industrial group. This partnership increases throughput at the Wolverhampton plant, enhances economies of scale and reinforces the confidence multinational customers place in Recyclus’ technology, operational reliability and circular-economy leadership.

Leadership & Influence: Elevating Our Voice on the Global Stage

Executive Chairman Appointed Trustee of the Faraday Institution

In April, our Executive Chairman, Robin Brundle, joined the Board of Trustees of the Faraday Institution, deepening Recyclus’ connection to the UK’s leading research community in electrochemical energy storage. This appointment strengthens the bridge between industry, innovation and policy shaping the nation’s battery strategy.

Innovation Through Collaboration: £8.1m Programme Award

In July, Recyclus joined a major consortium with Mint Innovation, Jaguar Land Rover (JLR) and WMG, securing £8.1 million in funding to accelerate next-generation battery-recycling technologies.

The programme is supported by the UK Department for Business and Trade (DBT) through the Advanced Propulsion Centre (APC), with the remaining 50% of funding contributed directly by consortium partners. This blended funding model reflects strong public-private alignment behind the project and underscores industry confidence in its commercial and strategic potential.

Bringing together industrial operators, OEMs and leading academic expertise, the programme blends practical recycling capability with advanced research to strengthen the UK’s strategic position in critical-mineral recovery and urban mining — and positions Recyclus at the forefront of technological innovation in the circular battery economy.

Recyclus on the World Stage: BBC Feature Highlights UK Li-Ion Battery Recycling Leadership

In August, Recyclus Group’s growing impact was recognised not only within industry circles but also by national media. The BBC featured Recyclus in a major segment exploring pioneering lithium-ion battery recycling efforts in the UK, profiling the company’s innovation, technology and contribution to sustainable material recovery.

The feature brought widespread public attention to:
• The scale and importance of battery recycling in addressing critical mineral shortages and reducing environmental impacts
• Recyclus Group’s operational progress, including its Wolverhampton facility and first shipments of black mass
• The role of UK-based industrial innovation in supporting the transition to electrified transport

By bringing Recyclus’ work to a broad national audience, the BBC coverage amplified understanding of circular-economy solutions and highlighted the UK as a hub for advanced battery recycling technologies.

Financing Growth: Close Brothers Loan Agreement

Also in August, Recyclus strengthened its financial foundation by securing a £1.1 million loan from Close Brothers Group plc to accelerate the company’s growth as commercial volumes scale. The facility was structured to provide growth capital for strategic equipment investment, working capital and productivity enhancements at the Wolverhampton lithium-ion battery recycling facility.

The Close Brothers loan not only supports operational expansion — including infrastructure optimisation and the commissioning of an additional processing line — but also enhances Recyclus’ overall balance sheet flexibility as it transitions to full industrial throughput. By aligning debt finance with commercial revenues and contract execution, the funding underpins the company’s ability to execute on its medium-term scaling plans and deliver against customer commitments.

This financing partnership reflects confidence from a well-established UK financial institution in Recyclus’ business model, technology and leadership — and complements the company’s broader strategy to build a resilient, capital-efficient platform for circular battery materials.

Operational Breakthrough: First Month of Positive Cash Flow

In our autumn update, we confirmed several key operational milestones:
• Our first positive monthly cash flow, achieved in July 2025
• Strong year-on-year revenue growth
• Continued black mass deliveries under the Glencore offtake agreement

These indicators demonstrate that our technology, model and processes are not only functional — they are commercially robust and ready for further expansion.

Representing the UK in India: Strengthening Strategic Partnerships

In October, Recyclus Group’s Executive Chairman and Co-Founder, Robin Brundle, joined Prime Minister Keir Starmer on the UK’s largest-ever trade mission to India, alongside senior business leaders, academics and government representatives.

We remain politically agnostic but the visit provided a high-profile platform for Recyclus to showcase UK leadership in circular-economy battery recycling, while engaging directly with Indian industry, financial institutions and technology partners. Discussions focused on critical-minerals supply chains, electrification and scalable battery-recycling solutions, aligning closely with both UK and Indian sustainability priorities.

During the mission, Recyclus held meetings with major Indian organisations, including financial institutions and Tata Consultancy Services, to explore potential collaborations spanning battery recycling technology, black mass processing and long-term market development.

Participation in this historic delegation strengthened Recyclus’ international visibility and reinforced its role as a contributor to global battery-materials security and cross-border clean-technology partnerships.

Celebrating Excellence: Sustainability Innovator of the Year

In November, Recyclus was honoured with the Sustainability Innovator of the Year award at the Innovation Awards 2025. Judges recognised our leadership in circular-economy innovation, pioneering approach to battery recycling and contribution to national and global sustainability strategies.

Accepting the award, Robin Brundle described it as:

“A real validation for the massive teamwork that we’ve put in back at base.”

This recognition reflects the collective effort behind the achievements of 2025 — from industrial-scale operations to first exports, commercial contracts and first in-month operational profitability.

Looking Ahead to 2026

The story of 2025 has been one of acceleration — across regulation, operations, commercial delivery and strategic influence. With core infrastructure in place, contracts secured and cash flow established, Recyclus enters 2026 focused on scaling value as well as volume.

Our priorities for the year ahead include:

• Increasing productivity and utilisation at the Wolverhampton facility, maximising throughput while continuing to optimise safety, efficiency and unit economics.
• Expanding and diversifying our customer base, building on relationships with OEMs, industrial partners and global offtake counterparties.
• Enhancing the purity and value of recovered material streams, increasing the quality — and therefore the commercial value — of black mass and downstream fractions to meet evolving market and refinery requirements.
• Evaluating new UK and European locations to support future capacity growth, geographic resilience and proximity to customers and feedstock sources.
• Driving sustainable shareholder value, through disciplined capital deployment, operational leverage and continued progress towards profitable growth.

With strong public-private backing, increasing international visibility and a proven ability to execute, Recyclus is positioned to play a leading role in the next phase of the circular battery economy. 2026 will be about  long-term value creation — translating momentum into scale.

A Note of Thanks

None of this progress would be possible without our shareholders, investors, our dedicated team and our partners. Your confidence and support have driven each milestone, shipment, contract and innovation.

As we continue building a resilient circular economy for battery materials, we look forward to shaping the next chapter together.