- Lithium Australia and China’s DLG Battery conjure up jointly owned business
- ‘Lithium Australia DLG’ will supply Aussie buyers with DLG’s leading lithium-ion battery products
Lithium Australia jumped 14.1 per cent in the ASX today after they revealed an alliance with Chinese battery producers DLG Battery.
Lithium and DLG will work as partners under Lithium Australia DLG, to supply Australian consumers with DLG’s lithium-ion batteries (LIB).
Lithium has also put its money ahead, by agreeing to purchase the initial battery inventory through 12.5 million DLG shares at 8 cents a share.
Lithium Australia Managing Director Adrian Griffin says the products will be designed specifically for Australian buyers and will create a stable supply chain for the company.
“Lithium Australia, through its subsidiary VSPC, has developed superior cathode materials that provide the performance required for this application, under conditions of high ambient temperatures,” Adrian said.
DLG is currently one of China’s largest battery manufacturers, equipped with six development facilities and sales and support offices across America and Europe.
“Our partnership with DLG, a leading Chinese battery producer, vindicates the development efforts undertaken by the Company to
Next steps for the company are improving the availability of LIBs to equipment manufacturers and consumers, maintaining Australian stock levels, being manufacturing of DLG products in Australia and offer a recycling solution.
Adrian Griffin says manufacturers across Australia can expect a regular and reliable supply of LIBs very soon.
Lithium’s share prices opened at 8.25 cents in the market today and fluctuated frequently before resting at 8.90 cents a piece.