Lithium Australia Ltd (ASX:LIT, OTC:LMMFF) has announced a significant partnership with BYD Auto Industry Company Ltd. The agreement positions Lithium Australia as the exclusive battery recycler for all end-of-life electric and plug-in hybrid vehicle batteries produced by BYD in Australia.

Lithium Australia and BYD Partnership

BYD Auto, a subsidiary of the global electric vehicle leader BYD Company Ltd, entered the Australian market just two years ago. Since then, it has captured a substantial 14% of the EV market. With BYD selling an impressive three million EVs and plug-in hybrids last year, this new partnership is expected to boost battery collection volumes significantly.

Australia’s Leading Li-ion Recycler

Liu Xueliang, General Manager of BYD Auto Industry Company, expressed excitement over partnering with Lithium Australia, a key player in battery technology. The collaboration aligns with BYD’s goal to reduce carbon emissions and enhance its position in technological innovation globally.

Strategic Growth in Battery Recycling

Simon Linge, CEO and Managing Director of Lithium Australia, highlighted the milestone’s importance. The deal is set to amplify large-format lithium-ion battery collections, reflecting a strategic focus on high-margin products. Recent recycling agreements underscore the successful execution of the company’s growth strategy.

Innovative Recycling Technologies

LIT operates through its subsidiary Envirostream, producing lithium ferro phosphate (LFP) using proprietary technology. The company confidently approaches the growing demand for lithium-ion batteries, offering critical diversification benefits to the global supply chain.

Disclaimer:
The content presented on this page has not been manually verified by our team. While we strive to ensure accuracy, we cannot guarantee the validity, completeness, or timeliness of the information provided. Always consult with appropriate professionals or sources before making any decisions based on this content.

Click here for more Company News