Lithium Australia subsidiary Envirostream has signed an exclusive agreement with Infinitev, a provider of repurposed electric vehicle (EV) batteries.
Infinitev is a subsidiary of Amotiv, an ASX-listed company that owns a portfolio of companies specialising in providing high-quality automotive products and solutions.
Infinitev’s agreement with Envirostream is for an initial three-year term and will see the latter act as the exclusive battery recycling services provider for the lithium and nickel-based batteries owned by Infinitev.
As per the agreement, Lithium Australia will receive a service fee for the collection of Infinitev’s lithium and nickel-based batteries. The contract also includes a revenue share component derived from third party sales of mixed metal dust and nickel metal hydride batteries generated from the batteries supplied by Infinitev.
“We are excited to announce the new Agreement signed with Infinitev, a leading provider of remanufactured EV batteries in Australia and New Zealand,” Lithium Australia managing director and chief executive officer Simon Linge said.
“We are proud to work alongside Infinitev, as both of our companies strive to build a circular economy for EV batteries to reduce battery waste and our environmental footprint.”
Envirostream has exclusive recycling agreements with Hyundai Glovis, LG Energy Solution and Volvo Group Australia.
Its other clients include Sell & Parker Metal Recycling Services and Battery Recyclers.
Linge said Lithium Australia’s 2023–24 financial year (FY24) focus of improving its recycling commercial model continues to deliver cash operating profits in FY25.
“We look forward to continuing this momentum and signing further exclusive recycling agreements with other leading OEMs (original equipment manufacturers) and EV/ESS (energy storage system) manufacturers to secure further battery volumes,” Linge said.
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