Goodwell, Alitheia Capital back Hinckley’s battery recycling drive to tackle Nigeria’s e-waste crisis

NIGERIA – Goodwell Investments and Alitheia Capital have jointly backed Hinckley E-Waste Recycling Ltd, Nigeria’s award-winning recycler, to build the country’s first dedicated lithium-ion and lead-acid battery recycling facilities.

The funding, disbursed through Goodwell’s uMunthu II fund, aims to support sustainable development, formalize informal waste collection, and strengthen Nigeria’s green infrastructure.

The capital injection will finance the construction of two advanced recycling plants in Ogun State, with a combined capacity to process up to 30,000 tonnes of electronic waste annually.

This move not only marks Goodwell’s entry into the waste management sector but also signals growing investor confidence in Africa’s circular economy potential.

Nigeria generates over 500,000 tonnes of e-waste each year, the highest in West Africa and the third-largest volume in Africa.

By 2030, the region’s e-waste burden is expected to double. Yet, recycling rates remain alarmingly low, ranging from just 1% to 15% in Sub-Saharan Africa.

Informal waste collectors, operating without protective gear or regulation, dominate the sector, exposing communities to toxic pollution and long-term health risks.

Hinckley is changing this narrative. Through partnerships with informal waste collectors, the company ensures a consistent supply of discarded electronics while providing dignified income opportunities.

Its inclusive model merges environmental remediation with community upliftment, a dual impact that has earned Hinckley national acclaim.

In 2024, the Lagos State Environmental Protection Agency and WAMASON named Hinckley the Best E-Waste Recycling Company in Nigeria.

Circular economy in action

Hinckley’s reach extends beyond borders. The company supplies recycled raw materials to global manufacturers like HP, Samsung, Lumos, and PZ Cussons, and participates in sustainability programs such as Ze-Gen (Zero Emission Generator) and PURE (Productive Use of Renewable Energy), supported by UK Aid, IKEA Foundation, and Carbon Trust.

These initiatives focus on second-life battery solutions to replace diesel generators, a cleaner, scalable option for powering homes and businesses.

According to Adrian Clews, CEO of Hinckley, “This investment is not just about recycling — it’s about building a regulated, inclusive e-waste ecosystem.

“We aim to professionalize an industry that employs over 100,000 informal workers and turn it into a driver of environmental and social progress.”

For Alitheia Capital and Goodwell, Hinckley exemplifies the power of impact investment.

“The global shift to electric vehicles and clean energy is pushing demand for battery materials. Recycling offers a sustainable path forward,” said Doubra Eghaghe of Alitheia Capital.

“Hinckley sits at the intersection of innovation, impact, and commercial viability.”

As Africa navigates its green transition, investments like these are crucial. Hinckley’s expansion is set to become a continental benchmark, proving that sustainability, social equity, and profitability can, and must, coexist.

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