As Lithium Australia’s (ASX: LIT) battery recycling plans rev up the company has now powered into the energy storage market after revealing the first commercial shipment of its products has arrived.
Under the joint venture with China-based battery and energy storage specialist DLG Group, the jointly owned Soluna Australia Pty Ltd has been established.
Soluna has now received its first commercial shipment from DLG and will sell lithium-ion batteries, and other energy storage products within Australia.
“Formalisation of Lithium Australia’s joint venture with DLG, which resulted in the creation of Soluna, paves the way for the introduction of superior energy storage products into the Australian market, reducing the carbon footprint of national energy consumption for both residential and industrial customers,” Lithium Australia managing director Adrian Griffin explained.
“We foresee great potential for energy storage in fringe-of-grid and off-grid applications, as well as improvements in the utilisation of power from existing grids.”
Heading up Soluna will be Kieron D’Arcy as general manager and Raegan Jubb as sales manager.
Mr Griffin noted that both people bring “a wealth of experience” to the newly formed joint company.
Australia’s energy storage market
The Australian Council of Learned Academics estimates that 16Gwh of energy storage will be required to meet the country’s forecast renewable energy uptake by 2030.
According to Lithium Australia, to meet this predicted uptake, more than $5 billion will need to be invested in energy storage solutions over the next decade.
Via its 50%-owned Soluna, Lithium Australia plans to fill some of this anticipated demand.
Soluna plans to maintain local energy storage stock to meet demand, while also providing sales and technical support.
The company also plans to target remote areas including mine sites by collaborating with these customers to provide innovative solutions.
Soluna will also evaluate the feasibility of manufacturing battery packs within Australia and offer battery recycling solutions via Lithium Australia’s 90%-owned Envirostream.