Envirostream, a Lithium Australia (LIT) subsidiary, has signed an exclusive recycling agreement with Hyundai Glovis, an automotive logistics company based in Seoul, South Korea.
Under the agreement, Envirostream will provide battery recycling services for all of Hyundai Glovis’ batteries in Australia.
“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 (original equipment manufacturer) for EVs (electric vehicles),” Lithium Australia managing director and chief executive officer Simon Linge said.
“We are pleased to be able to assist them to recycle their large format EV batteries. Recycling agreements with Tier-1 EV and ESS (energy storage system) manufacturers demonstrates LIT’s blue chip status as a battery recycler and are key to Lithium Australia’s growth strategy.
“Signing with Hyundai Glovis follows the previously announced agreement with LG Energy Solution and highlights the ongoing momentum that the company has built in early 2024.”
The agreement is for an initial three years ending March 21 2027 and has no minimum volumes set out for Envirostream.
“(The agreement) is a big step forward for Hyundai Glovis Australia to have an agreement with such an industry leading recycling company,” a Hyundai Glovis representative said.
“As part of a global EV manufacturer, Hyundai Glovis Australia endeavours to develop a fully localised recycling loop and Envirostream has shown us its capability of providing reliable and safe services.
“We sincerely believe this agreement will provide a great opportunity for us to grow further by strengthening our partnership with Envirostream.”