Envirostream signs new exclusive battery recycling agreement with Hyundai Glovis

Lithium Australia Ltd has announced that its wholly owned subsidiary Envirostream Australia Pty Ltd (Envirostream) which is leading Australia’s battery recycling industry has signed a new exclusive 3year recycling agreement (“Agreement”) with Hyundai Glovis.

Hyundai Glovis is a world leading logistics provider which operates a distribution networkfor finished vehicles and is part of the Hyundai Motor Group. During the initial 3yearterm, ending on 21 March 2027, Envirostream will be the exclusive provider of batteryrecycling services for all of Hyundai Glovis’ batteries in Australia. The Agreement, whilstexclusive, has no minimum volumes and includes customary termination rights on theoccurrence of an insolvency event or any unremedied breach under the Agreement.

The Agreement with Hyundai Glovis highlights Envirostream’s continued focus onaccelerating growth in collection volumes of large format lithiumion batteries, such asthose from EVs and ESS, to deliver stronger commercial outcomes. The total tonnage ofESS and EV batteries sold is projected to grow between 10% and 40% year on year until20302, which in turn is expected to result in an increased demand for battery recyclingservices.

This presents a significant market opportunity for Envirostream. Signing exclusive contracts with leading OEMs3 and battery manufacturers is a core part of Envirostream’s national growth strategy, in line with the Company’s previously identified key priorities of FY24. Envirostream looks forward to leveraging these tailwinds