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Lithium Australia signs exclusive recycling agreement with Volvo Group Australia

lithium recycling australia

Lithium Australia signs exclusive recycling agreement with Volvo Group Australia.

Lithium Australia Ltd (ASX:LIT) (“Lithium Australia” or the “Company”) is pleased to
announce that its wholly owned subsidiary Envirostream Australia Pty Ltd
(“Envirostream”) has signed an agreement with the Buses business arm of the Volvo
Group Australia (“Volvo”) to recycle end-of-life batteries from its fleet of electric and
hybrid buses.
Volvo is one of the world’s leading bus manufacturers, with a strong focus on building
vehicles and systems for long-term sustainable public transport. Volvo has recently
delivered its electric bus model to various customers, including Public Transport Authority
in Western Australia, Transdev in Queensland, and other public services organisations
across Australia.
The recycling agreement between Lithium Australia and Volvo is for an initial 3-year term,
during which Lithium Australia will be the exclusive provider of battery recycling services
to Volvo in relation to its fleet of electric and hybrid buses in Australia.
This agreement highlights Lithium Australia’s continued focus on accelerating growth in
collection volumes of large format lithium-ion batteries, such as those from electric
vehicles (EV’s) and energy storage systems (ESS), due to their higher margin profile.

The supply of available large format batteries for recycling is expected to accelerate
exponentially as adoption of EV’s and ESS continues to grow. Partnering with top tier EV
and ESS manufacturers is a core part of Lithium Australia’s national growth strategy, in
line with the Company’s previously identified key priorities of FY24.The Company looks
forward to leveraging this momentum, to win new market leading clients.


Simon Linge, Comment from Lithium Australia CEO & Managing Director, said:

We are very excited by the exclusive recycling agreement signed with Volvo, a
leading manufacturer of electric buses in Australia.

“The agreement validates our
strategy to target large-scale OEMs and ESS manufacturers to grow our share of the
high margin, large-format battery collection volumes. Increasing our capability and
growing volumes are strong drivers for the Company reaching cashflow breakeven
within the recycling business, which we aim to achieve in the near term.”

READ the latest Batteries News shaping the battery market

Lithium Australia signs exclusive recycling agreement with Volvo Group Australia. source

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