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Lithium Australia completes first stage of battery recycling investment

Envirostream owns a lithium-ion battery shredding facility that produces powder containing critical metals that are then exported for refining.
hands putting puzzle pieces together
LIT is eyeing valuable vertical integration opportunities

Lithum Australia NL (ASX:LIT) has completed the first part of its 18.9% acquisition of shares in Victorian-based battery recycler Envirostream Australia Pty Ltd.

Under the deal outlined earlier this month, Lithium Australia will acquire 560 shares (18.9%) across four tranches, for a total of $600,000 cash and scrip.

Tranche one, for 240 shares has now been issued and Adrian Griffin has been appointed as a director of Envirostream.

READ: Lithium Australia moves on battery recycling opportunity in Australia

Lithium Australia’s managing director Adrian Griffin said: “We are pleased to partner with Envirostream Australia, the country’s leader in recycling lithium-ion batteries.

“The alliance strengthens our resolve to create a 'circular’ economy by recovering metals from spent batteries, then rebirthing the battery components using our ground-breaking, patented cathode-powder production technology through VSPC LTD.

"Recovering and adding value to battery waste material is a great step forward for the environment, a positive move for Australia’s strategic minerals strategy and a great opportunity for Lithium Australia and its shareholders.”

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