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Envirostream signs battery recycling agreement with LG Energy in Australia

Envirostream's lithium battery recycling and material processing facility in Australia. Source: Lithium Australia
Perth-based Lithium Australia's wholly owned subsidiary Envirostream Australia has signed an exclusive three-year battery recycling agreement in Australia with LG Energy Solution to recycle used lithium-ion batteries recalled from EVs and ESS applications.

The agreement is expected to significantly increase Envirostream's large format lithium-ion battery collection volumes, thus promising greater recycling revenues. The company claims that there are about 6,000 units of LG Energy Solution's large-format batteries ready for recycling, with an additional 5,000 units anticipated, representing a significant chunk of about 140 percent of Envirostream's total battery collection volumes in FY23. 

Lithium Australia CEO and Managing Director Simon Linge commented on the development, "We are very excited to announce this new Agreement signed with LG Energy Solution, a world leading battery manufacturer for EVs and ESS around the globe". 

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"This extends the already strong relationship with LG Energy Solution, who shares our vision for sustainable recycling of lithium-ion batteries. Our strategic roadmap identified the importance of signing long term agreements with tier 1 EV and ESS manufacturers".

He further added, "We see agreements of this type as key to moving our recycling operations to being cash flow positive and allowing us to grow our capabilities nationally. We are pleased that the first of these agreements is with LG Energy Solution and look forward to announcing further agreements with other tier 1 manufacturers".

In addition to recycling revenues, Envirostream has an opportunity to generate additional revenue from the sale of mixed metal dust back to LG Energy Solution, or a share in the revenue derived from third party sales of mixed metal dust generated from batteries supplied by LG Energy Solution.

Envirostream claims to remain focused on executing the strategy of signing recycling agreements with leading EV and ESS manufacturers to secure future lithium-ion battery supply. The company produces critical battery material lithium ferro phosphate (LFP), and has also developed a patented lithium extraction technology. 

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Author : Dhiyanesh Ravichandran
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