Lithium Australia signs exclusive battery recycling agreement with Hyundai

Envirostream Australia, a subsidiary of Lithium Australia (ASX: LIT), has signed an exclusive three-year recycling agreement with Hyundai Glovis.

Part of the Hyundai Motor Group, Hyundai Glovis is a leading logistics provider which operates a distribution network for finished vehicles.

During the initial three-year term, Envirostream will be the exclusive provider of provider of battery recycling services for all of Hyundai Glovis’ batteries in Australia.

This agreement highlights Envirostream’s focus on accelerating growth in the collection of large format lithium-ion batteries. The total tonnage of energy storage systems (ESS) and electric vehicle (EV) batteries sold is projected to grow between 10% and 40% year on year until 2030.

Lithium Australia managing director and chief executive Simon Linge says the company is excited by the agreement.

“We are very excited to announce the exclusive recycling agreement signed with Hyundai Glovis, the logistics and distribution arm of Hyundai Motor Group, a world leading OEM for EVs,” he said.

“Recycling agreements with tier one EV and ESS manufacturers demonstrates LIT’s blue chip status as a battery recycler and are key to Lithium Australia’s growth strategy.”