Lithium Australia Ltd (ASX:LIT, OTC:LMMFF) reported significant growth in its Battery Recycling division for FY24. The company recorded a 22% increase in revenue, totaling A$6.7 million. This achievement stems from strategic shifts towards an upstream service model and securing exclusive recycling agreements.

Lithium Australia Battery Recycling Milestones

The company’s Battery Recycling division saw remarkable success, collecting 1,542 tonnes of batteries, including 514 tonnes of large-format lithium-ion batteries (LIBs). This marks more than double the collections from the previous year. LIT’s focus on exclusive recycling agreements with major OEMs and battery manufacturers drove this growth.

Lithium Australia’s Strategic Partnerships

Lithium Australia signed landmark supply agreements with industry leaders such as LG Energy Solution, Hyundai Glovis, and Volvo Group Australia. Additionally, the company locked in a 3-year binding offtake agreement with SungEel HiTech. The collaboration aims to enhance recycling processing capacity through joint development efforts.

Advancements in Battery Materials

The Battery Materials division is progressing toward establishing a lithium ferro phosphate (LFP) and lithium manganese ferro phosphate (LMFP) manufacturing plant, exploring both Australian and offshore options.

Commercial Progress with LieNA® Technology

Lithium Australia’s LieNA® lithium chemical technology advanced through a joint development agreement with Mineral Resources, which is funding pilot plant operations and engineering studies for a demonstration plant. With significant progress on the JDA, the company is on track to complete the remaining activities by the end of 2024.

Lithium Australia is dedicated to expanding its recycling operations and commercializing its patented technologies as it continues seeking strategic partners for growth.

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