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LG Vitality Answer (LGES) is partnering with Envirostream’s recycling department, Lithium Australia, to recycle lithium-ion batteries.
In accordance with the corporate’s announcement, its partnership may place Envirostream on the forefront of the battery recycling market in Australia. The pair purpose to recycle 770 tonnes of recalled lithium-ion batteries in Envirostream’s amenities.
Primarily based on the settlement with LGES, Envirostream will completely handle recalled LG batteries in Australia, which may improve 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 sluggish income progress in 2024. After its Q3 2023 earnings name, the South Korean firm predicted that world financial uncertainties would possibly have an effect on electrical automobile automotive gross sales.
Regardless of its warning, LGES has been making strikes in direction of progress 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, significantly by securing lithium provide within the area.
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