Lithium Australia NL (ASX:LIT, OTC:LMMFF) has snapped up the last 10% of battery recycling company Envirostream, the only accredited B-cycle entity to operate battery collection, sorting and processing services in Australia.
Lithium Australia managing director Adrian Griffin said: "By acquiring the final 10% of equity in Envirostream, the company now has full ownership of this strategic asset.
"As Australia’s only EPA-permitted and licensed recycler of mixed batteries, including lithium-ion batteries, Envirostream is 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.”
Sustainable solution to surging demand
Envirostream recently launched its second permitted battery recycling centre, which offers a sustainable supply of critical battery materials in a climate of supply shortages and high commodity prices.
"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,” said Griffin.
Since the introduction of B-cycle – the Australian government-backed battery recycling scheme (BSS) developed by the Battery Stewardship Council, which kicked off in January - Envirostream has reported an increase in its collection and processing of spent batteries.
Only accredited group
The B-cycle scheme encourages consumers to recycle batteries at various collection points, with rebates provided to battery collectors, sorters and recyclers that assist in the reduction of battery waste.
Envirostream holds a unique advantage when it comes to the B-cycle scheme, being the only accredited group operating across all three collection, sorting and processing divisions.
Proposed rebate rates for battery collection, sorting, and processing are predicted to lead to a further increase in revenue for this developing business.