LG Energy Solution (LGES) has teamed up with Envirostream, a recycling branch of Lithium Australia, to establish a battery recycling initiative for lithium-ion batteries. This partnership aims to position Envirostream as a key player in Australia’s battery recycling market, with plans to recycle 770 tonnes of recalled lithium-ion batteries at Envirostream’s facilities.
Envirostream’s exclusive management of recalled LG batteries in Australia, as per the agreement with LGES, is expected to bolster its revenue and market presence. Envirostream’s battery recycling technology boasts an impressive 95% recovery rate of battery resources.
Despite projecting slow revenue growth for 2024, LG Energy Solution remains proactive in expanding its presence, particularly in North America. The South Korean company anticipates that global economic uncertainties may impact electric vehicle sales, influencing its revenue outlook.
To strengthen its portfolio in North America, LGES has announced plans to invest in NCMA and LFP battery production. Additionally, the company has initiated the development of a local supply chain in North America, focusing on securing lithium supply within the region.
