Lithium Australia NL (ASX: LIT, 'the Company') is pleased to advise that it is now the 100% owner of Envirostream, which is a strategic asset from both corporate and environmental perspectives.
HIGHLIGHTS
- Lithium Australia has completed its final 10% acquisition of interest in Envirostream Australia Pty Ltd ('Envirostream'), the only accredited B-cycle entity to operate battery collection, sorting and processing services within Australia.
- Envirostream's battery collection rate has risen since the inception of the Battery Stewardship Scheme ('BSS') in early 2022.
- Envirostream recently launched its second permitted battery recycling centre, thereby offering a sustainable solution to surging demand for critical battery materials in a climate of supply shortages and high commodity prices.
- Envirostream plans to expand its battery recycling activities into population centres on the east coast of Australia, as well as offshore.
Lithium Australia managing director Adrian Griffin commented: "By acquiring the final 10% of equity in Envirostream, the Company now has full ownership of this strategic asset. "As Australia's only EPA-permitted and licensed recycler of mixed batteries, including lithium-ion batteries, Envirostream is well-placed to keep spent batteries out of landfill while providing as much sustainable feed material as possible for the manufacture of Page 2 ASX ANNOUNCEMENT Recycling new lithium-ion batteries. This is particularly important in the current climate of supply shortages and surging prices for battery minerals. "To meet surging demand, Envirostream is also planning to expand its activities into key population centres on Australia's east coast, as well as offshore. I look forward to keeping you abreast of these activities as they eventuate."
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