Materials firm Lithium Australia now owns 73.7% of lithium-ion battery recycler Envirostream after upping its stake in the company for the third time this year.
Perth-based Lithium Australia paid AUD100,000 ($68,000) for the additional shares, mirroring the payment made in October to take its share in the recycler from 18.9% to 23.9%.
Some of these funds are to be used by Envirostream for commissioning the expanded Melbourne battery recycling facilities, which will be capable of processing up to 3,000tpa of batteries.
The move comes as the Perth-based firm aggressively pursues its plans to create a circular battery economy in Australia
Following the acquisition Andrew Mackenzie, the founder of Envirostream, will remain as managing director. Adrian Griffin will be Envirostream’s non-executive chairman and Andrew Skalski will be its non-executive director.
Griffin, Lithium Australia’s managing director, said: “Together, Lithium Australia and Envirostream are developing environmentally responsible solutions to the mounting problems of spent batteries. Keeping spent batteries from landfill and exporting the energy metals they contain is an Australian imperative.
“Closing the loop on the production of battery materials reduces the environmental footprint of the mining and processing aspects inherent in battery production, improves sustainability and prevents the components of spent batteries from leaking into groundwater and oceans as a consequence of their relegation to landfill or transport to other jurisdictions.”
In November, Envirostream signed a lithium-ion battery materials off take deal that includes recycled mixed metal dust (MMD) containing cobalt, nickel and lithium. Shipments of the MMD are due to begin this month.
During FY19, Envirostream generated AUD1.3million ($881,000) in revenue from recycling 149 tonnes of spent batteries.
