July 17, 2025: Investment firms Goodwell and Alitheia have emerged as key investors in a Nigerian lead and lithium battery recycling project.
The firms confirmed on July 9 that they would invest in Nigeria-based Hinckley E-Waste Recycling through the uMunthu II fund,which provides smart equity to early growth stage companies throughout Africa.
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. uMunthu II’s investment marks Goodwell’s entry into the waste management sector, and the huge impact potential that comes with that industry.
Globally, the majority of collected e-waste isn’t yet disposed of responsibly, say the firms.. In sub-Saharan Africa, only an estimated 1% to 15% of generated e-waste is being recycled. West Africa generates 750,000 tonnes of e-waste annually, and that figure projected to exceed one million tonnes by 2030.
Nigeria accounts for 500,000 tonnes, making it the region’s largest e-waste producer and the third largest in Africa, after South Africa and Egypt.
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.”
Doubra Eghaghe of Alitheia Capital said: “Our investment in Hinckley is based on a compelling business case, anchored on the growing importance of e-waste recycling,
“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.”
