Lithium Australia signs lithium-ion battery recycling deal with LG Energy Solution

Livium

07/09/2022 01:51

Sept 7 (Reuters) - Lithium Australia Ltd  LIT.AX  said on
Wednesday its battery recycling unit signed a deal with South
Korea's LG Energy Solution Ltd  373220.KS  to process at least
250 tonnes of its lithium-ion batteries over the next year.
    As per the agreement, LG Energy will deliver the batteries
to Envirostream's facilities in Melbourne, Lithium Australia
said, adding that the volumes are nearly a quarter of the
collection in fiscal 2022.
    Recycling of batteries allows for its parts or metals to be
reused, which potentially tackles major criticism and obstacles
faced by automakers over heavy carbon footprint associated with
the mined materials. (https://reut.rs/3BisUnL)
    Lithium Australia-owned Envirostream recovers around 95% of
the materials from an exhausted battery, according to its
website, and it has recycled more than 85 tonnes of LG Energy's
batteries since 2018.
    "The company expects a significant increase in processing
volumes for FY2023 relative to FY2022 as a result of this
agreement," the battery metals supplier said. For fiscal 2022,
Envirostream's battery collection volumes were about 1.09
thousand tonnes. 
    The agreement is for an initial term ending on Aug. 31 next
year, and will continue on a rolling six-month basis, the
Perth-based company said.

 (Reporting by Echha Jain in Bengaluru; editing by Uttaresh.V)
 ((Echha.Jain@thomsonreuters.com;))