- Lithium Australia (LIT) will increase its stake in Envirostream Australia to a 90 per cent interest for $1.3 million
- This is aligned with its strategy to recycle old batteries to create a circular battery economy
- Envirostream is the only company in Australia that can collect, sort, shred and separate all the components of used lithium-ion batteries
- Its 3000 tonnes-per-annum facility will help to reduce the number of used toxic batteries ending up in landfill
- Lithium Australia remains flat today and shares are trading for 3.5 cents each
Lithium Australia (LIT) has reached a binding agreement to increase its stake in Envirostream Australia to a 90 per cent interest for $1.3 million.
Lithium Australia is a sustainable energy metals supplier that aims to produce advanced components for the global battery industry and for stationary energy storage systems in Australia.
Increasing its stake is part of the company's plan to recycle old lithium-ion batteries to create a circular battery economy.
"The battery industry needs to take ownership of the disposal consequences of lithium ion batteries. Those batteries contain toxins that should never go to land fill," Lithium Australia Managing Director Adrian Griffin said.
Currently, Envirostream is the only company in Australia with the capacity to collect, sort, shred and separate all the components of used lithium-ion batteries.
Its Melbourne-based processing facility has ISO-14001-accredited modular processing technology that has been researched and developed for over three years.
This facility can recycle up to 3000 tonnes of spent batteries per annum.
"By acquiring Envirostream, and expanding its processing capacity, we are developing an environmentally responsible framework for every Australian battery consumer," Adrian added.
In a recent report, Envirostream announced first production of its primary material: Mixed Metal Dust (MMD) and first shipment is expected very shortly.
The MMD is used as an input material to make cathode materials for new batteries.
Envirostream offers safe, sustainable and innovative management solutions for what is becoming one of the biggest challenges facing the domestic waste industry.
The next step is to provide Australians with access to drop-off points for used batteries to avoid them being relegated to kerbside collections and landfill.
Lithium Australia remains flat today and shares are trading for 3.5 cents each at 2:53 pm AEDT.