Lithium Australia (ASX:LIT) welcomes new CEO, powers ahead in battery tech space - Kalkine Media

Highlights:

• Lithium Australia’s (ASX:LIT) new CEO Simon Linge officially started with the company on 1 January 2023
• 2022 saw LIT’s transition from a no liability company to a limited liability company, with its classification updated from exploration to materials
• There has been increased focus towards battery materials technology and manufacturing delivered primarily through the company’s battery recycling and cathode materials-focused subsidiaries
• The company remains well funded with a placement of approximately AU$12 million achieved in August 2022

Lithium Australia Limited (ASX:LIT) has released an upbeat update, highlighting its progress in the battery tech space.

On 1 January 2023, Simon Linge officially started as the company’s CEO.

The ASX-listed company saw its classification updated from exploration to materials during the last year. The development is in line with its focus on developing advanced materials ensuring an ethical and sustainable future for the global battery industry.

Moreover, 2022 saw LIT's transition from a no liability company to a limited-liability company.  

The company has highlighted that the shift in its priorities is based on the heightened focus on battery materials technology and manufacturing.

LIT committed to conserving materials in every possible way

LIT strongly believes in conserving materials and striving for a cleaner world by electrification of transportation systems and storing electricity generated by renewables.

However, this requires optimum use of precious resources, including lithium, cobalt, copper, and graphite in lithium batteries, which is only possible through their recycling and reuse.

To execute this significant task, LIT has taken major steps during the last six months, which included securing a minimum of 250 tonnes of lithium-ion batteries from LG Energy Solution and signing Battery World as a collection partner.     

The company has also achieved higher sale prices for mixed metal dust (MMD) through the diversification of customers.

Envirostream: LIT’s subsidiary executing battery recycling goals

LIT’s Envirostream subsidiary is working on improving operating processes to enhance system efficiencies ahead of further expected volumes.

Also, it will be looking to expand its national infrastructure and will be seeking international partnerships.

VSPC pursuing offtake and joint development partners for LFP manufacturing

LIT’s cathode materials-focused division VSPC is working on potential commercial and joint development partnerships for lithium ferro phosphate (LFP) manufacturing.

The LFP battery chemistry has major advantages over other battery chemistries like nickel cobalt manganese. The list of benefits includes safety risks due to thermal runaway, cost of manufacturing and the social benefits of supply chains away from cobalt.  

The company has completed the pre-qualification pilot plant engineering study with support from Lycopodium, acting as its principal engineer.

LIT remains well funded

In August last year, the company finalised a placement of approximately AU$12 million. The company says that it remains well funded with a drive to maintain working capital reserves and liquidate non-core assets assets whilst maintaining its lithium rights.

Appointment of Simon Linge, a move to fuel LIT’s battery tech goals

As per the company, Simon Linge, commencing his position as LIT’s CEO, will lead the team and continue to deliver against updated priorities. He has been working behind the curtains to set up early 2023 and beyond plans.

LIT has also highlighted Simon’s firm belief in the company’s priorities and understands the importance of its activities as they relate to the global energy transition.

The company’s shares trading at AU$0.046 as of 04 January 2023.