Redivium Limited (ASX: RIL) has released its Q3 FY25 report, highlighting significant progress in its European battery recycling strategy. The company launched its Redivium Trading Division in partnership with WMC Energy BV, engaging in black mass trading and tolling activities. Early indications suggest near-term revenue generation through sales of black mass and NMC-type battery feedstock under a value-sharing model.
The UK Spoke project is nearing finalization of a lease for a proposed plant in Wrexham, North Wales, with site surveys completed. Project engineering works and permitting assessments are ongoing, alongside applications for UK grant and investment support. A substantive agreement with WMC Energy BV has been executed for global black mass marketing and offtake from the planned UK recycling facility.
Redivium continues its European expansion, executing a binding Collaboration Agreement with Retela AR Europe SRO for a Czechia project. Discussions with tolling partners and compliance schemes are underway across Italy and Central/South East Europe. A supply contract with Turkish vendor Proses Makina has been finalized for capex equipment procurement supporting continental EU operations, with funding discussions advancing with international financial institutions.
However, the company’s financial situation reveals challenges. As of March 31, 2025, Redivium had cash reserves of approximately $104,000 and no debt. The pro-rata non-renounceable entitlement offer closed without meeting the minimum subscription. The company expects to run out of available funding in approximately 0.21 quarters, prompting cost-cutting measures and ongoing discussions with potential investors for equity or loan funding. Redivium aims to list a green bond on the Vienna Stock Exchange.