THE BOURSE WHISPERER: Lithium Australia (ASX: LIT) announced that it has taken its stake in Envirostream to a 90 per cent ownership interest.
Envirostream is the only company in Australia with the integrated capacity to collect, sort, shred and separate all the components of spent lithium ion-batteries (LIBs), making it a perfect fit with Lithium Australia’s battery-metal-processing expertise.
Envirostream is an onshore mixed-battery recycling company that offers safe, sustainable and innovative management solutions for the disposal of LIBs, which is emerging as one of the biggest challenges facing the domestic waste industry.
The company has agreements with retailers and manufacturers regarding spent batteries and is looking to expand a collection network nationally with safe, reliable battery recycling units that are fully compliant with Australian standards.
The aim is to enable every Australian with reasonable access to drop-off points for spent batteries, in order to avoid them being relegated to kerbside collections and landfill.
“Envirostream offers a complete recycling solution for spent lithium-ion batteries, and in so doing is helping to safeguard the Australian environment by diverting toxic materials from landfill,” Lithium Australia managing director Adrian Griffin said in the company’s announcement to the Australian Securities Exchange.
“With recycling yields exceeding 90 per cent by weight, our business is a major contributor to the sustainability of the battery industry.”