Lithium Australia Ltd (ASX:LIT, OTC:LMMFF) has reported remarkable growth for the fiscal year 2024. The company saw a 22% increase in revenue, reaching A$6.7 million. This was primarily due to a 50% rise in Lithium-Ion Battery (LIB) collection volumes totaling 829 tonnes.

Gross profit grew by 53% to A$2.2 million, with a gross margin of 33%, thanks to its upstream service model. Importantly, Lithium Australia secured exclusive recycling agreements with major corporations like LG Energy Solution, Hyundai Glovis, and Volvo Group Australia, and signed a joint development agreement with SungEel HiTech.

Lithium Australia’s Innovation in Lithium Technologies

Lithium Australia is progressing towards the commercialisation of its patented technologies, focusing on Lithium Chemicals and Battery Materials. The LieNA® technology is advancing through pilot stages, with MinRes as a 50:50 joint venture partner for large-scale testing.

The company aims for global technology licensing, with projected potential revenue of US$21 million annually per license. The operational pilot plant produces 1-2 tonnes per annum of Lithium Iron Phosphate (LFP), as partnerships and funding advancements are set towards larger-scale production which could generate US$319 million annually.

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