HIGHLIGHTS
- Lithium Australia has signed an exclusive recycling agreement with Infinitev, a provider of repurposed EV1 batteries and a subsidiary of Amotiv Limited
- The agreement is to provide exclusive battery recycling services in Australia in respect of lithium and nickel-based batteries owned by Infinitev
- The agreement has an initial 3-year term, expands Lithium Australia’s lithium-ion battery supply and complement the recently executed recycling agreements with leading EV and ESS2 manufacturers
- Under the agreement, Infinitev will recommend Lithium Australia to their customers who are seeking battery recycling services
Lithium Australia Ltd (“Lithium Australia” or the “Company”) is pleased to announce that its wholly owned subsidiary Envirostream Australia Pty Ltd (“Envirostream”), a leader within the Australian battery recycling industry, has signed an exclusive recycling agreement (“Agreement”) with Infinitev Australia Pty Ltd (“Infinitev”) to recycle lithium and nickel-based batteries owned by Infinitev in Australia.
Infinitev is a leading provider of remanufactured EV batteries in Australia for consumers. Infinitev operates as a subsidiary of ASX-listed Amotiv Limited (ASX:AOV), formerly GUD Holdings Limited, an ASX 200 company. Amotiv is a leader in the automotive aftermarket industry across Asia Pacific.
Under the Agreement, Lithium Australia will receive a service fee for the collection of lithium and nickel-based batteries owned by Infinitev, and also includes a revenue share component derived from third party sales of Mixed Metal Dust (“MMD”) and Nickel Metal Hydride Batteries generated from the batteries supplied by Infinitev. Under the agreement, Infinitev will recommend Lithium Australia to their customers who are seeking battery recycling services.
The Agreement is for an initial 3-year term, with an optional term of 1-year. Customary termination rights exist on the occurrence of an insolvency event or any unremedied breach under the Agreement.
Lithium Australia remains focused on signing exclusive contracts with leading OEMs3 and battery manufacturers, as demonstrated by agreements signed in 2024. Significantly, this Agreement with Infinitev provides an alternate source of end-of-life batteries. Lithium Australia looks forward to leveraging this momentum to win additional clients.
Comment from Lithium Australia CEO and Managing Director, Simon Linge
“We are exciied io announce ihe new Agreemeni signed wiih Infiniiev, a leading provider of remanufaciured EV baiieries in Ausiralia and New Zealand. We are proud io work alongside Infiniiev, as boih of our companies sirive io build a circular economy for EV baiieries io reduce baiiery wasie and our environmenial fooiprini.
Our focus in FY24 io improve our recycling commercial model coniinues io deliver cash operaiing profiis inio FY25. We look forward io coniinuing ihis momenium and signing furiher exclusive recycling agreemenis wiih oiher leading OEMs and EV / ESS manufaciurers io secure furiher baiiery volumes.”
