Lithium Australia Ltd (ASX:LIT, OTC:LMMFF)’s prominent managing director Adrian Griffin will retire from his position at the helm of Australian battery technology leader effective today and take on a newly created role as technical advisor to the company.
This leadership change aligns with the company’s entry into a new phase, involving the commercialisation of lithium ferro phosphate (LFP) cathode powder production by its Batteries division and rapid expansion of spent battery collection, sorting and processing by its Recycling division.
Global search underway
LIT’s board has begun a global search for a suitably qualified candidate for the key role and in the interim, organisational structures are in place to effectively manage the company and its subsidiaries.
From June 1, Griffin will take on the technical advisor role and on a consulting basis will continue to provide the company with the benefits of his broad technical and process-level expertise.
Instrumental in repositioning
During the past 10 years, Griffin was instrumental in repositioning the company from a junior, lithium-focused explorer named Cobre Montana NL to a technological entity with a different name and a new focus – developing an ethical, secure and sustainable circular battery economy.
As a result, shareholder value in the company has increased significantly. Since commencing its lithium strategy in September 2014 Lithium Australia’s market capitalisation has grown from $1.4 million to approximately $86 million as of May 2022.
Griffin has led LIT through a series of successful lithium processing breakthroughs, the amassing of an extensive intellectual property portfolio and the strategic acquisition and successful development of the Very Small Particle Company (now VSPC Pty Ltd) and Envirostream Australia Pty Ltd.
Industry leader
VSPC is involved in the research, development and production of advanced cathode materials for lithium-ion batteries (LIBs) while Envirostream is Australia's premier mixed-battery recycler, which also focuses primarily on LIBs at their end-of-life stage.
With Adrian Griffin at the helm, LIT has become a vertically integrated industry leader in battery materials manufacturing and recycling, the aim being to capture all elements of the lithium value chain.
VSPC work
As MD, he oversaw research into and the development and manufacture of LFP and other battery materials at VSPC's laboratory facility and pilot plant in Queensland, Australia.
This work has progressed to a definitive feasibility study for a 10,000-tonnes-per-annum LFP manufacturing plant slated for completion in 2022.
Envirostream expansion
He has also helped guide the expansion of Envirostream’s operations to a second, larger site in Laverton, Victoria, Australia and the execution of agreements with the likes of the Bunnings chain of hardware stores for the collection of spent batteries, thereby ensuring that LIT is well-positioned to benefit from the recently introduced national Battery Stewardship Scheme.
Griffin’s leadership was critical in the demerger of Lithium Australia's non-core exploration assets into Charger Metals NL (ASX:CHR), a highly positive transaction for the company and its shareholders.
Through its equity in CHR, the company retains significant exposure to lithium raw materials and has other free-carried project interests that may also provide access to various raw materials to feed LIT’s proprietary, downstream processing technologies, including the production of lithium chemicals and cathode powders.
“Clear path to the future”
Company chairman George Bauk said: “On behalf of the board, I wish to sincerely thank Adrian for his many years of dedicated service to the company.
"Under his leadership, Lithium Australia has acquired and successfully advanced a number of battery materials opportunities under the Lithium Australia banner.
"Today, our key businesses – VSPC and Envirostream – are both accelerating towards greater production capacity.
"It's reassuring to know that Adrian will remain involved with the company in a technical role, so we can continue to benefit from his valuable contributions.
"With a clear path to the future, the company looks forward to appointing a new managing director, who, benefitting from the strong foundations laid by Adrian and the team, can drive the next phase of development with a clear focus on expanding commercialisation and production opportunities. That person will certainly have big shoes to fill.
"The board has begun a global search for a highly qualified candidate able to manage geographically diverse operations on a permanent basis."
Entering new phase
Griffin’s retirement is recognition of the timelines and commitment required to reposition the company for its next phase of its growth.
LIT is poised to enter a new phase in terms of development of its LFP cathode powder production and battery recycling business divisions, both of which the board believes will catalyse company growth and shareholder value.
The board has identified the production of LFP cathode powder for new-generation lithium-ion batteries as the company’s most significant commercial opportunity.
In light of that, an accelerated strategy is being developed and realised through planned construction of a pre-qualification LFP pilot plant likely to be in Queensland, underpinned by the strong industry support required for offtake development.
Recycling of mixed end-of-life batteries via Envirostream Australia Pty Ltd further underpins the company’s ESG strengths.
Envirostream's expansion of its business through its newly permitted facilities in Victoria is now complete and a national growth plan is being developed.
With Envirostream, the company is well-positioned to take advantage of the expected significant increase in volumes of spent batteries available for recycling, particularly as a result of vehicle electrification and Australia’s national battery stewardship scheme.
“Excited for what future holds”
Outgoing MD Adrian Griffin said: “I'm extremely proud of what I, together with entire the Lithium Australia team, have achieved in the past decade and excited for what the company's future holds, especially in relation to the battery materials and battery recycling business divisions, which, with their strong foundations, are poised for rapid development and expansion.
“Our significant investment in IP, much of it protected by international patents, will potentially enable ESG solutions for the mining, processing and battery industries and deliver better outcomes for the environment as we progress towards a zero-carbon economy.
“Our business divisions will, I strongly believe, drive growth and value for shareholders and, as a significant shareholder myself, I will be pleased to see that."