Lithium Australia unit signs recycling deal with LG Energy
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The news: Battery recycler Lithium Australia’s subsidiary Envirostream has signed a fresh exclusive deal with global battery maker LG Energy Solution to provide battery recycling services.
The numbers: Under the deal, Envirostream will recycle all of LG’s recalled lithium-ion batteries in Australia. As a result, it expects to process 770 tonnes of batteries, or 1.4 times its total lithium-ion battery collections in FY2023.
The context: Lithium Australia said under the agreement, Envirostream will receive recycling revenues but could also generate additional revenue from the sale of mixed metal dust back to the South Korean giant.
LG Energy Solution is the largest producer of electric vehicle batteries outside of China, holding a global market share of 14%.
LG Energy Solution is a subsidiary of LG Chem which is a subsidiary of LG Corporation.
The source: ASX announcement
