Join our daily newsletter At The Bell to receive exclusive market insights
Livium (ASX:LIT) has received around $850,000 from the Western Australian State Government to help build an EV battery recycling plant in the state.
The funding decision underscores the strategic ambitions of the WA’s push for ESG-facing ‘circular economy’ outcomes – monies have come from the electronic waste infrastructure grant funding program.
A total of $10M in funding was available through competitive grant rounds. Livium is the beneficiary of a grant awarded under ‘Stream 2,’ which caters to larger recycling (or “reprocessing”) infrastructure projects.
The due diligence process, Livium reports, is now complete.
Back in July, the WA government outright banned e-waste disposal into local landfills. That is part of a larger overhead ‘waste avoidance and resource recovery’ strategy; on another level, it would also minimise fire risks at landfill sites.
“This grant from the WA government represents a meaningful step forward in our mission to establish a sustainable national battery recycling ecosystem,” company CEO Simon Linge wrote.
“WA’s grants seek to increase e-waste reuse, storage, collection, processing and recycling capabilities, creating jobs and supporting WA’s circular economy.”
The WA facility will act as a first point of call for battery material processing before targeted reclaimed materials are sent on to Livium’s facility in Campbellfield, Victoria. (That project is run by Envirostream, a Livium subsidiary.)
While tapping into ESG and net zero-type outcomes, a domestic battery recycling facility also addresses currently-vogue sovereign capacity initiatives.
In short: By recycling battery materials domestically, there’s less impetus to rely on Chinese supply chain inputs – or any other country, for that matter.
LIT last traded at 2cps.
Join the discussion: See what HotCopper users are saying about Livium and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
