Lithium Universe (ASX:LU7) has completed its acquisition of privately held New Age Minerals, a party with an exclusive licensing agreement with Macquarie University.
The acquisition gives Lithium Universe exclusive rights to patented photovoltaic solar panel recycling technology known as Microwave Joule Heating Technology. The technology platform uses microwave technology to selectively heat silicon thereby softening the EVA encapsulant in solar panels, enabling easy delamination and potential recovery of valuable materials at room temperature.
In June, Lithium Universe, which has a market capitalisation of $9.28 million, paid $33,900 and an annual payment of $20,000 in cash within 30 days of each anniversary, starting in 2027 and ending 2042.
Upon completing key milestones, Lithium Universe will pay $100,000 to the bank account nominated by Macquarie University and issue $100,000 worth of shares.
Executive Chairman Iggy Tan says achieving this milestone allows the company to begin working more closely with the Macquarie University team.
“This next phase will focus on developing a robust research program to enhance the Microwave Joule Heating Technology and unlock its full commercial potential,” Tan says.
“We believe this collaboration will play a pivotal role in advancing sustainable recycling solutions and position Lithium Universe as a leader in critical metal recovery from end-of-life solar panels.”
Lithium Universe is focused on closing the lithium conversion gap in North America and revolutionising the photovoltaic (PV) solar panel recycling sector.
The International Energy Agency Photovoltaic Power Systems Programme projects that global waste PV modules will amount 1.7 to 8 million tonnes cumulatively by 2030 and 60 to 78 million tonnes cumulative by 2050.
By 2035, Australia is forecast to accumulate 1 million tonnes of solar panel waste worth over $1 billion.
Currently, only 15% of used PV cells are recycled with the rest accumulating by landfills.
Write to Aaliyah Rogan at Mining.com.au
Images: Lithium Universe
