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Highlights
- Lithium Australia’s subsidiary Envirostream has boosted its national spent battery collection network with a new agreement.
- The agreement with Battery World will provide access to over 110 drop-off points for spent batteries.
- The agreement takes the total drop-off points for Envirostream to over 800.
Lithium Australia Limited (ASX:LIT) - at the forefront of advanced materials development to ensure an ethical and sustainable future for the global battery industry - has added one more feather to its cap. Envirostream, a 100% owned subsidiary of LIT, has executed an agreement with Battery World Australia Pty Ltd.
The battery recycling services agreement further validates the credentials of Envirostream as a leader in the battery recycling industry in Australia. The firm now has a strong expanding national collection network including Officeworks, Milwaukee, TTI, Battery World, Bunnings Warehouse, and Mobile Muster.
To know more about LIT, click here.
Inside the battery recycling services agreement
Under the terms of the agreement, Envirostream will collect spent batteries, excluding lead acid batteries from a network of more than 110 stores of Battery World spread across the country.
As a trial, Envirostream has already provided spent-battery collection services to several Battery World outlets within South-East Queensland.
The agreement will become effective from 1 August 2022 and end on 31 August 2026.
The agreement will enable diversifying the collection points for Envirostream and boost the volume of batteries for recycling at its facilities in Victoria. The newly commissioned site at Laverton could be used to its capacity if the volume of batteries increases considerably.
Envirostream now has access to a network of 800 plus collection points across the country.
The terms of the agreement
- Envirostream is allowed to collect and process used non lead acid batteries from the franchisee stores of Battery World. It will be responsible for providing safe storage, packaging, collection, and transport of such batteries.
- No minimum fee or volume has been specified in the agreement. According to Envirostream, it is not possible to forecast potential volumes or revenues from such operations.
- Both the parties have provided the representations and warranties considered customary for such agreements.
- Envirostream will be eligible for commercial gains from rebates under B-cycle on the back of the potential increase in battery recycle volumes.
Improving access to battery drop-off points
Envirostream and Battery World have worked together to make the drop-off point convenient and safe for customers in the Battery World Franchise network.
Image source: LIT update, 28 July 2022
The collection point in the Battery World stores will be fireproof and will have fire-resistant liners and cartons inside the drop-off point, as shown in the above figures.
The efficient collection of spent batteries will further facilitate Envirostream to meet the criteria for Australia’s official product stewardship scheme run by B-cycle.
The rebates from B-cycle are based on the per-kilogram basis, hence higher the volume, higher the rebates.
LIT shares jump 3%
LIT shares traded at AU$0.071 apiece, with an uptick of nearly 3%, on 28 July 2022. The company has a market cap of AU$71.44 million.
