Nigeria: Goodwell and Alitheia invest in e-waste recycling business
Goodwell Investments and Alitheia Capital have made an investment in Hinckley E-Waste Recycling.
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Goodwell Investments and Alitheia Capital, through the uMunthu II fund, have made an investment in Hinckley E-Waste Recycling, a Nigeria-based recycling company.
The investment will be used to construct a lithium-ion battery recycling facility and a lead acid battery recycling facility. Both plants will be located in Nigeria’s Ogun State, with plans to collect and recycle up to 30,000 tonnes of e-waste per year and expand Hinckley’s export operations.
Adrian Clews, CEO of Hinckley E-Waste Recycling, said: “Although e-waste recycling is an emerging income stream for many people in Africa, it is still generally informal and unregulated. At Hinckley, we see that improving e-waste recycling infrastructure has the potential to decrease negative health and environmental outcomes, while increasing average incomes for over 100,000 Nigerians currently working as informal waste collectors. This investment will help further our mission of environmental stewardship and livelihood improvement, from formalising e-waste collection to constructing recycling plants that meet international industry standards. Our objective is to effectively manage the increasing volume of complex e-waste across Nigeria in a safe and sound manner.”
“Our investment in Hinckley is based on a compelling business case, anchored on the growing importance of e-waste recycling,” observed Doubra Eghaghe of Alitheia Capital. “Increased production of electric vehicles and adoption of renewable energy is driving demand for batteries and the resources required to manufacture them, while also contributing to the issue of e-waste. Recycling and repurposing the core materials found in batteries is crucial to sustainably meeting this growing demand. Hinckley's potential to create meaningful social and environmental impact reflects the core ambitions of the uMunthu II fund. We are excited for the opportunity to work together in strengthening, scaling, and literally building Hinckley’s vision for a cleaner, more inclusive future.”
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