Lithium Australia NL (ASX: LIT), aspiring to establish a circular battery economy, announced on 24 January 2020, that VSPC Ltd (LIT’s 100%- owned subsidiary) has successfully obtained a co-funding grant from the Advanced Manufacturing Growth Centre (AMGC), which would be providing matched grant funds of nearly $ 185,000.
Under the government of Australia’s Industry Growth Centres initiative, AMGC was established as an industry-led not-for-profit organisation to make the Australian manufacturing sector internationally competitive and dynamic, with advanced capabilities and skills at its core.
VSPC operates a research & development (R&D) facility located in Brisbane, Australia where it has built advanced technologies to manufacture cathode materials for lithium-ion batteries (LIBs) applicable to nearly all chemistries of LIBs, including lithium-ferro-phosphate (LFP) and lithium-manganese-cobalt-oxide (NCM). Its processes can be characterised as simple nanotechnology for superior battery cathodes; precise control of composition and particle size; unparalleled quality control; and low-cost production.
Currently, VSPC aims to further work on its technology with assistance from its partners, focussing mainly on utilisation of lower-cost and recycled raw materials for manufacturing LFP cathode material from mineral sources as well as from the recycling of LIBs.
The project is also co-funded by VSPC and its partners being Envirostream Pty Ltd and Resource Conservation and Recycling Corporation Pty Ltd (RCARC), both being Lithium Australia’s other subsidiary companies.
Two other partners for the project include-
- Shanghai, China-based LIB-cell manufacturing company DLG Battery Co. Ltd that would be providing testing services for the project; and
- The second partner is - The University of Queensland, Australia that would be supplying analytical and material characterisation services.
Envirostream, established in 2017, operates a battery recycling business in Australia dedicated towards developing innovate management solutions for challenges being faced by the waste industry in Australia. The company produces mixed metal dust (MMD), among other materials, from the processing of spent LIBs.
On the other hand, RCARC has successfully converted MMD into high-purity lithium phosphate, as well as nickel and cobalt products.
Stock Performance: With a market capitalisation of around AUD 37.06 million, the LIT stock settled the market trading session on 24 January 2020 at AUD 0.066 with ~ 988,843 shares traded. Besides, LIT has delieverd postive returns of 29.41% in the last six months, 46.67% in the last three months and and 4.76% in the last one month.
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