Lithium Australia NL formally established Soluna Australia Pty. Ltd., a 50/50 joint venture with DLG Power Battery (Shanghai) Co. Ltd., after receiving the first commercial shipment of Soluna energy products in Australia.
The consortium signed a letter of intent to form the joint venture, which aims to fill the growing demand for lithium-ion battery products in the energy storage industry, in May.
On top of the joint venture to sell lithium-ion batteries and energy storage products in Australia, the Australia-listed lithium producer's VSPC Ltd. unit and DLG agreed to form a technology alliance to fast-track the commercialization of the former's proprietary cathode powders for use in the latter's batteries.
Further, the deal also includes a provision of new battery materials and recycling solutions for the energy storage industry.