Lithium Australia Inks Exclusive Battery Recycling Deal

Lithium Australia Ltd (ASX:LIT, OTC:LMMFF) has announced an exclusive agreement with BYD Auto Industry Company Ltd. This partnership enables battery recycling services for electric and plug-in hybrid vehicle batteries in Australia.

BYD’s Impact on the Australian EV Market

BYD Auto, a branch of BYD Company Ltd, is a leading electric vehicle manufacturer. It reached a milestone of three million units sold in 2023, capturing 14% of the Australian EV market.

Australia’s Leading Li-ion Recycler

The partnership positions Lithium Australia as Australia’s top recycler of lithium-ion batteries. BYD Auto’s Asia Pacific division emphasizes their commitment to reducing carbon emissions and enhancing technological innovation.

Strategies for Growth and Innovation

Lithium Australia is focused on forming more recycling agreements with EV and energy storage manufacturers. This aligns with their integrated, circular economy strategy.

Execution of the Growth Strategy

CEO Simon Linge expressed enthusiasm about the BYD agreement, expecting a significant increase in lithium-ion battery collections. This move supports the company’s focus on high-margin large-format batteries.

Envirostream’s Role in Battery Recycling

Lithium Australia operates Envirostream, a market-leading battery recycler in Australia, producing lithium ferro phosphate (LFP) using proprietary technology.

The company is poised to benefit from rising global demand for lithium-ion batteries while offering diversification to global supply chains.

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