Lithium Australia’s (ASX:LIT) Envirostream receives first cash rebate for B-cycle scheme

• Lithium Australia’s (LIT) subsidiary, Envirostream Australia, receives its first cash rebate for the B-cycle scheme
• The company collected, sorted, and recycled end-of-life (EOL) batteries for B-cycle, an organisation accredited by the Australian Government for running the country’s battery recycling scheme
• Envirostream will continue to work with B-cycle, with the aim of expanding EOL battery collection locations
• In addition, it will work with electric vehicle manufacturers to deliver an efficient EOL battery recycling system
• Shares are trading 7.84 per cent higher at 5.5 cents each at 2:18 pm AEST

Lithium Australia’s (LIT) subsidiary, Envirostream Australia, has received its first cash rebate for the B-cycle scheme.

The company collected, sorted, and recycled end-of-life (EOL) batteries for B-cycle, an organisation accredited by the Australian Government for running the country’s battery recycling scheme.

Envirostream will continue to work with B-cycle to ensure a responsible battery lifecycle.

To execute this, it aims to expand collection locations for EOL batteries, with over 700 accredited B-cycle drop-off locations currently across the country.

In addition, the company has sought to work with electric vehicle manufacturers to determine an EOL solution for their batteries.

With electronic vehicle use expected to climb over the next decade, Envirostream has commenced work to ensure the batteries can be efficiently dismantled and recycled.

In preparation for this, it has been undertaking trials since the start of this year with electronic vehicle manufacturers.

LIT Chief Financial Officer Stuart Tarrant said it is hoping to correct the 90 per cent of lithium-ion batteries disposed into landfills.

“Recycle rates are increasing presenting a major opportunity for Envirostream to process these volumes in a safe and efficient way, recovering the critical minerals for repurposing into new lithium-ion batteries,” he said.

“It is hugely rewarding to receive the first rebate from B-cycle and we anticipate further
revenues as we seek to capture the growing wave of spent batteries.”

Shares were trading 7.84 per cent higher at 5.5 cents each at 2:18 pm AEST.