Lithium Australia’s (ASX: LIT) wholly-owned subsidiary VSPC has secured up to $185,000 in co-funding under a grant from the Australian Government’s Advanced Manufacturing Growth Centre (AMGC).
Under the grant, AMGC will match VSPC and its partners’ funding (up to $185,000) into establishing advanced processes for using high-grade iron and lithium-ferro-phosphate cathode material from mineral sources and recycled lithium-ion batteries.
Parties that will be contributing to the project include Lithium Australia’s subsidiaries Envirostream and Resource Conservation and Recycling Corporation, as well as China-based DLG Battery Co and the University of Queensland.
DLG is a lithium-ion battery manufacturer and will provide testing services, while the University of Queensland will supply analytical and material characterisation services.
Lithium Australia managing director Adrian Griffin said securing the grant from AMGC was an “important contribution” to sustainable manufacturing of lithium-ion batteries.
“Society can no longer afford to tolerate the single-use mentality of past generations.”
“VSPC’s initiative to advance the application of lower cost raw materials is a significant step forward for the battery industry.”
He added the project had a strong team and capable partners that could deliver an outcome that will benefit the environment, consumers and shareholders.
“This is an opportunity to provide practical outcomes in advancing the circular economy, and I thank AMGC and our other partners for supporting this initiative, which will help conserve resources, reduce landfill and provide the opportunity for a comprehensive stewardship scheme that promotes the responsible use of batteries,” he said.
AMGC managing director Dr Jens Goennemann agreed, claiming VSPC’s process addresses several global challenges including how to conserve raw materials, deal with battery waste, while also reducing costs.
“VSPC and its partners are a further demonstration of the power of collaboration and the skills that exist in Australia to tackle such a complex process while turning waste into opportunity,” Dr Goennemann added.
Today’s news saw Lithium Australia’s lift 3% to trade at $0.067 by mid-afternoon.