Envirostream is the only Australian company able to recycle all the energy metals from spent lithium-ion batteries.
Lithium Australia NL (ASX:LIT) has moved to 74% ownership of Melbourne-based leading Australian battery recycler Envirostream as part of a major ramp-up of its energy metals strategy.
The increase in ownership from 23.9% represents another key milestone in the company’s plan to create a circular battery economy in which recycling old lithium-ion batteries (LIBs) is intrinsic.
Leading battery industry supply specialist Lithium Australia’s (ASX: LIT) subsidiary Envirostream Australia Pty Ltd has signed a MoU with South Korean company SungEel HiTech Co. Ltd for the sale of recycled battery metals.
SungEel has agreed that Envirostream will have exclusivity of MMD supply from Australia, allowing the Australian firm to will increase its MMD shipments to SungEel, for refining into cobalt, nickel and lithium chemicals for the production of new Lithium Ion Batteries (LIBs).
South Korean battery giant LG Chem has signed a partnership agreement with Australian firm Envirostream for the expansion of local battery recycling facilities to progress its aim of achieving a “closed-loop” economy for its products.
Through the partnership, LG Chem hopes that Australian-based battery recycling facilities will help to boost Australia’s low rates of recovery of discarded battery materials, as well as eliminating the need for used batteries to be shipped to be shipped overseas for processing.