Elemental Holding secures European funding

The Luxembourg-based Elemental Group says it has secured more than $260 million in financing from a consortium of banks, including what it calls a guaranteed line of credit of up to $27 million. The precious metals recycling firm says the funds will be used “for refinancing and further development of the group.”

The Elemental Group says among the banks providing the funding are: Poland-based ING Bank Śląski S.A. which will act as the consortium’s agent; Poland-based Bank Gospodarstwa Krajowego; Bank Handlowy, also based in Poland; HSBC Continental Europe and the HSBC Continental Europe Branch in Poland; and Santander Bank Polska.

Elemental says the loan was granted with the support of the Poland-based KUKE export credit insurance agency, which the recycling technology firm says will provide “guarantees up to the total amount of 500 million Polish zloty ($126 million).”

“Securing such significant funds, we perceive as a sign of confidence from the Polish and international financial world in the Elemental Group and a confirmation that our chosen business path is the road to success,” says Adam Kłapszta, chief financial offier of Elemental Group.

The Elemental Group describes itself as a “global leader in urban mining, recouping platinum group metals from car catalysts, and resources from batteries used in electromobility.”

Earlier this year, the company announced plans to build a plant for processing electronic scrap in Romania and earlier this month it announced the establishment of a company in India.

Last June, Elemental began ramping up a facility in Zawiercie, Poland, designed to extract metals in the refining process from used catalysts and to recycle lithium-ion batteries.

“The obtained resources will enable us to strengthen our position as one of the global leaders in the urban mining market and a producer of strategic metals,” says Paweł Jarski, founder and CEO of Elemental Group. “Thus, we can contribute even more to the material independence of the European Union and consolidate the key role of our country in the circular economy.”