Lithium Australia, the owner of Australian battery recycler Envirostream and the battery material company VSPC, has announced it has firm commitments for a raise of AUS $12M in a share placement. The funds will be used to improve the recycling process at Envirostream and to complete engineering studies for the expansion current facility and advance off take agreements for LFP material.
Envirostream is one of the pioneers in Australian pre-processing of dry cells and have in recent years been focused on lithium-ion. The company produces black mass which is sold to Sungeel Hitech in South Korea.
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