The CEO of Romco Metals, which recycles aluminum scrap in Nigeria and Ghana, stated that the company intends to increase output by more than fivefold to 100,000 tonnes per year and is working on a project to manufacture green hydrogen to fuel its furnaces.
Romco, a non-ferrous metals recycling company based in the United Kingdom, stated it was in advanced talks to raise $50 million in debt and equity to fund the expansion plan.
Raymond Onovwigun, CEO and founder of Romco, stated that the company was considering establishing seven new factories in Africa over the next five years to address the rising demand for aluminum. Recently, the company began recycling copper.
The recycling operations of Romco in Lagos, the commercial city of Nigeria, and Ghana use compressed natural gas to fuel furnaces that generate 18,000 tonnes of aluminum ingots annually.