Romco, a UK-based non-ferrous metals recycling firm, said it was in advanced talks to raise $50m in debt and equity to help drive the expansion plan.
CEO and founder Raymond Onovwigun said Romco was looking at opening seven new plants in Africa in the next five years to meet growing demand for aluminium. The firm has recently started recycling copper.
Romco's recycling plants in Nigeria's commercial capital Lagos and Ghana use compressed natural gas to run furnaces that produce a combined 18,000 tonnes of aluminium ingots a year.
"We are looking at using solar, and we are currently working with a UK university taking the solar and creating green hydrogen for heat generation to power our furnaces. This is a medium to long term plan," Onovwigun said.
Green hydrogen, produced from splitting water into hydrogen and oxygen using renewable energy sources such as solar and wind, is seen as key to help decarbonise industry, though the technology remains immature and relatively costly.
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