Goodwell Investments and Alitheia Capital have announced an undisclosed investment in Hinckley E-Waste Recycling, a Nigeria-based recycler, through uMunthu II, a fund providing 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. 

“Our investment in Hinckley is based on a compelling business case, anchored on the growing importance of e-waste recycling,” said 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.” 

Globally, the majority of collected e-waste isn’t yet disposed of responsibly, and only 22.3% is recycled. 

In sub-Saharan Africa, that number is even lower, with only an estimated 1% to 15% of generated e-waste 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.  

The lack of proper waste management across the continent leads to land, soil, air and water pollution, as well as greenhouse gas emissions.

Sourcing much of the e-waste through a network of local collectors, Hinckley’s commitment to both social impact and environmental sustainability is central to the company’s ethos. Supplying the recycled material needs of clients like Samsung, HP, Lumos, and PZ Cuzzons, Hinckley has been named Best E-waste Recycling Company in Nigeria 2024 by both the Lagos State Environmental Protection Agency (LASEPA) and the Waste Management Society of Nigeria (WAMASON). Hinckley has also partnered with Carbon Trust and Energy 4 Impact supported by the IKEA Foundation and UK Aid via the Transforming Energy Access platform, to participate in the Ze-Gen (Zero Emission Generator) and productive-use-of-renewable-energy (PURE) programs, replacing diesel generators with second-life battery systems. Support from the UK Aid funded program, Manufacturing Africa, enabled a critical step towards Hinckley’s success, providing the company with transaction facilitation support led by Kemi Onabanjo and Yasmin Osaghae.

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.”