LG Vitality Answer (LGES) is partnering with Envirostream’s recycling department, Lithium Australia, to recycle lithium-ion batteries.
In line with the corporate’s announcement, its partnership might place Envirostream on the forefront of the battery recycling market in Australia. The pair goal to recycle 770 tonnes of recalled lithium-ion batteries in Envirostream’s amenities.
Based mostly on the settlement with LGES, Envirostream will solely handle recalled LG batteries in Australia, which might enhance its income and increase its market presence. The corporate’s battery recycling know-how can get well 95% of battery assets.
LG Vitality Answer warned of gradual income development in 2024. After its Q3 2023 earnings name, the South Korean firm predicted that international financial uncertainties would possibly have an effect on electrical car automobile gross sales.
Regardless of its warning, LGES has been making strikes in the direction of development in North America. Earlier this month, the Asian battery provider introduced plans to spend money on NCMA and LFP battery manufacturing to strengthen its portfolio. It has additionally began to construct its native provide chain in North America, notably by securing lithium provide within the area.
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