Lithium Universe completes legal due diligence for solar recycling tech acquisition

Lithium Universe Ltd (ASX:LU7, OTC:LUVSF) has completed its legal due diligence on a previously announced acquisition of transformative photovoltaic (PV) solar panel recycling technology. 

The company will now move forward with the acquisition of New Age Minerals Pty Ltd, which holds global commercial rights to the patented Microwave Joule Heating Technology developed at Macquarie University.

The company secured the global rights to Macquarie University’s solar recycling tech in mid-June. The acquisition is designed to bolster Lithium Universe’s clean energy portfolio, including exclusive global rights to the novel solar panel recycling technology.

The patented Microwave Joule Heating Technology (MJHT) targets the growing challenge of end-of-life photovoltaic (PV) waste by offering a more efficient and environmentally responsible recovery process.

MJHT is designed to extract valuable materials such as silver, silicon, gallium and indium from used solar panels. The microwave-based process is positioned as a cleaner, lower-impact alternative to traditional recycling methods, with the potential to support circular economy initiatives in the renewables sector.

Read more: Lithium Universe secures global rights to Macquarie University solar recycling tech

Acquisition details finalised

The acquisition stems from a binding agreement announced on June 18, 2025, under which Lithium Universe will acquire 100% of the issued capital of New Age Minerals Pty Ltd (NAM). 

NAM holds an exclusive licensing agreement with Macquarie University for the commercial exploitation of the solar panel recycling technology, which is designed to address end-of-life PV waste, positioning Lithium Universe to diversify beyond lithium chemicals into broader clean technology solutions.

Due diligence and licensing variations

Completion of the acquisition was contingent on satisfactory legal due diligence, which has now been fulfilled. 

A second condition required a variation to the licensing agreement with Macquarie University to reflect the change in NAM’s ownership. However, all parties have agreed to waive this condition, allowing the acquisition to proceed. The variation will be executed post-completion.

Next steps and strategic outlook

With due diligence complete and agreement on the waiver in place, Lithium Universe will now proceed with the final acquisition of NAM. 

This transaction represents a strategic expansion into clean energy recycling technologies, complementing the company’s existing focus on lithium conversion and battery supply chain development in North America.

The acquisition adds further depth to Lithium Universe’s value chain integration ambitions amid rising demand for sustainable solutions in the energy transition.