LG Energy Solution (LGES) is partnering with Envirostream’s recycling branch, Lithium Australia, to recycle lithium-ion batteries.
According to the company’s announcement, its partnership could position Envirostream at the forefront of the battery recycling market in Australia. The pair aim to recycle 770 tonnes of recalled lithium-ion batteries in Envirostream’s facilities.
Based on the agreement with LGES, Envirostream will exclusively manage recalled LG batteries in Australia, which could increase its revenue and expand its market presence. The company’s battery recycling technology can recover 95% of battery resources.
LG Energy Solution warned of slow revenue growth in 2024. After its Q3 2023 earnings call, the South Korean company predicted that global economic uncertainties might affect electric vehicle car sales.
Despite its warning, LGES has been making moves towards growth in North America. Earlier this month, the Asian battery supplier announced plans to invest in NCMA and LFP battery production to strengthen its portfolio. It has also started to build its local supply chain in North America, particularly by securing lithium supply in the region.
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