- Lithium Australia (LIT) acquires the final 10 per cent of Envirostream from Andrew Mackenzie
- The purchase price was $250,000 and it is believed that Mr Mackenzie will continue as Managing Director of Envirostream once the acquisition is complete
- While no binding agreement is yet to be reached, and there is no certainty that one will be, the current completion date for the acquisition is March 1, 2022
- Shares in Lithium Australia are up 4.35 per cent on the market and are trading at 12 cents
Lithium Australia (LIT) has acquired the final 10 per cent of Envirostream from Andrew Mackenzie.
The purchase price was $250,000 and it is believed that Mr Mackenzie — who currently acts as Managing Director of the battery recycling company — will continue in the role once the acquisition is completed.
While no binding agreement is yet to be reached, and there is no certainty that one will be, the current completion date for the acquisition is March 1, 2022.
“With the Battery Stewardship Scheme now operating, the company’s acquisition of the final 10 per cent equity in Envirostream is considered a strategic imperative, since battery deliveries are increasing,” Lithium Australia Managing Director Adrian Griffin said.
“As Australia’s only EPA-permitted and licensed recycler of mixed batteries, including lithium-ion batteries, Envirostream is setting the standard for world’s best practice, with safe storage facilities, limiting of battery quantities onsite and firewall isolation of storage compartments.
“The company’s goal is to keep spent batteries out of landfill, handle them safely and efficiently and return as much as possible of the critical materials they contain to the battery industry to improve sustainability.”
In November 2019, Lithium Australia announced it had increased its stake in Envirostream by nearly 50 per cent from 23.9 per cent to 73.7 per cent for $100,000.
A few weeks later, the company announced it had again increased its stake to 90 per cent for a further $1.3 million.
At the time, Lithium Australia said the increase was part of its plan to recycle old lithium-ion batteries to create a circulation battery economy.
Lithium Australia was up 4.35 per cent on the market with shares trading at 12 cents at 1:01 pm AEDT.