Friday, 6 March 2020
Lithium Australia’s shares (ASX:LIT) rose by 13.8% and as the company aquired ownership of Environstream, Australia’s only recycler of lithium-ion batteries.
Lithium Australia’s shares (ASX:LIT) rose by 13.8% and hit a new high of 6.6 cents intraday after the company announced 90% ownership of Environstream, Australia’s only recycler of lithium-ion batteries.
Lithium Australia has therefore become one of the main contributors to the circular economy and now aims to further boost the sustainability of the battery recycling industry.
The company had already taken great strides towards this goal in 2019 and, in 2020, they plan to deploy an all-rounded strategy to service the lithium battery industry, from resources and technology to processing and recycling.
Adrian Griffin, managing director at Lithium Australia, had this to say:
“Lithium Australia views the acquisition of a controlling interest in Envirostream as not only taking a key position in the recycling of battery metals, but also providing an environmental solution for all Australians that use batteries.”
Part of the revenue will be used by Envirostream to further expand their Melbourne processing facility, which can currently recycle to 3,000 tonnes of used batteries.
Lithium Australia shares hit new high after obtaining 90% ownership of Envirostream