Lithium Australia (ASX:LIT) managing director and CEO Simon Linge joins Proactive’s Tylah Tully to discuss the company’s strong financials from the 2024 fiscal year.
It achieved significant growth and milestones, reporting record revenue of A$6.7 million, a 22% increase from the previous year, primarily due to a 50% growth in Lithium-Ion Battery (LIB) collection volumes, which reached 829 tonnes.
Gross profit increased by 53% to A$2.2 million, with a gross margin of 33%, attributed to an upstream service model.
The company secured exclusive recycling agreements with major partners such as LG Energy Solution, Hyundai Glovis and Volvo Group Australia. Additionally, a joint development agreement was signed with SungEel HiTech to purchase at least 60% of the company’s annual production.
Lithium Australia is progressing towards the commercialisation of patented technologies in two key areas: Lithium Chemicals (LieNA®) and Battery Materials.
The LieNA® technology is being advanced through piloting and study, with plans for commercial scale proof via a 50:50 joint venture with MinRes.
The company aims to license the technology globally, with potential revenue of US$21 million per annum from a single licence.
The pilot plant is now operational, producing 1-2 tonnes per annum of Lithium Iron Phosphate (LFP), with partnerships and funding pathways progressing towards commercial scale production, potentially generating US$319 million annually.
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Lithium Australia boasts tidy FY24 performance and commercialisation progress in battery recycling [Video]
