An Australian metal recycling firm which recovers metals for use in lithium batteries is set to announce a London listing, as demand for electric vehicles continues to surge.
Neometals, which is already listed in Australia at a valuation of about £400m, is now expected to seek a dual listing on London secondary Aim market, The Times reported today.
The firm is not yet a revenue generating business but is developing a series of plants around Europe including a lithium battery recycling plant in Germany, expected to become operational in late March.
Bosses are also eyeing up plans to launch bigger plants in Europe and North America.
Neometals boss Chris Reed described the firm as a “new age urban miner”.
He told the Times: “It’s like the Wombles of Wimbledon, making good use of the things that we find. Just think of me as Orinoco.”
Reed said that while Europe was poor in the natural resources that are needed to make batteries, recycling existing batteries was crucial for manufacturers to build steady supply chains.
Neometals is not looking to raise new funds with the listing, Reed said, but may look to raise cash later this years to fund a series of other pro
The plans come as demand surges for lithium batteries which are used to power electric vehicles.
Demand for the batteries is set to outsrip supply in 2022 and could lead to a lithium deficit, according to a December report from S&P Global.