Lithum Australia NL (ASX:LIT) has completed the first part of its 18.9% acquisition of shares in Victorian-based battery recycler Envirostream Australia Pty Ltd.
Under the deal outlined earlier this month, Lithium Australia will acquire 560 shares (18.9%) across four tranches, for a total of $600,000 cash and scrip.
Tranche one, for 240 shares has now been issued and Adrian Griffin has been appointed as a director of Envirostream.
READ: Lithium Australia moves on battery recycling opportunity in Australia
Lithium Australia’s managing director Adrian Griffin said: “We are pleased to partner with Envirostream Australia, the country’s leader in recycling lithium-ion batteries.
“The alliance strengthens our resolve to create a 'circular’ economy by recovering metals from spent batteries, then rebirthing the battery components using our ground-breaking, patented cathode-powder production technology through VSPC LTD.
"Recovering and adding value to battery waste material is a great step forward for the environment, a positive move for Australia’s strategic minerals strategy and a great opportunity for Lithium Australia and its shareholders.”