Lithium Australia NL (ASX: LIT) has moved to 100% ownership of Envirostream, the only accredited B-cycle entity to operate battery collection, sorting and processing services within Australia.
The company has now completed acquisition of the final 10% of the battery recycling entity, which it considers is a strategic asset from both corporate and environmental perspectives.
By acquiring the final 10% of equity in Envirostream, the Company now has full ownership of this strategic asset,” Lithium Australia Managing Director, Adrian Griffin, said.
“As Australia’s only EPA-permitted and licensed recycler of mixed batteries, including lithium-ion batteries, Envirostreamis well-placed to keep spent batteries out of landfill while providing as much sustainable feed material as possible for the manufacture of new lithium-ion batteries.
“This is particularly important in the current climate of supply shortages and surging prices for battery minerals. “To meet surging demand, Envirostream is also planning to expand its activities into key population centres on Australia’s east coast, as well as offshore.
“I look forward to keeping you abreast of these activities as they eventuate.”
Spent battery collections continue to rise
Envirostream has reported an increase in its collection and processing of spent batteries since commencement of B-cycle – the Australian government-backed battery recycling scheme (‘BSS’) developed by the Battery Stewardship Council and initiated from January of this year.
The B-cycle scheme encourages Australians to recycle batteries at various collection points, with rebates provided to battery collectors, sorters and recyclers that assist in the reduction of battery waste (see About the Battery Stewardship Scheme for more information).
Envirostream holds a unique position within the B-cycle scheme, being the only accredited group operating across all three collection, sorting and processing divisions. Details of proposed rebate rates for such collection, sorting, and processing, which are listed below, should lead to an increase in revenue for this developing business.
< Collection in metropolitan areas $2.50/kilogram (kg)
< Collection in regional/remote areas $3.50/kg
< Sorting $1.00/kg < Processing $1.00/kg