The support comes through the uMunthu II fund and will be used to develop two recycling plants.

The new facilities, which will be built in Ogun State, will focus on processing lithium-ion and lead-acid batteries.

Once complete, the plants aim to handle up to 30,000 tonnes of electronic waste every year. Hinckley also plans to grow its export activities as part of this expansion.

Adrian Clews, CEO of Hinckley E-Waste Recycling, highlighted the challenges in the sector.

“In Africa, many people rely on informal e-waste recycling for income. But the sector lacks proper systems and regulations,” he said.

“Our goal is to formalize the process, reduce health and environmental risks, and raise incomes for the over 100,000 Nigerians currently involved in informal e-waste collection. This investment supports our broader mission of improving both environmental practices and local livelihoods.”

Doubra Eghaghe from Alitheia Capital shared the fund’s motivation for investing in Hinckley.

She noted the rising demand for batteries due to electric vehicles and renewable energy, which has also led to an increase in electronic waste.

“Recycling battery materials is essential to meet this growing demand in a sustainable way,” she said.

“Hinckley’s work aligns with the uMunthu II fund’s mission to create social and environmental impact. We are excited to help Hinckley expand and build a cleaner future.”