The Lithium Australia NL (ASX: LIT) share price is on watch today after news a subsidiary of the company received Clean Energy Council (CEC) approval. Soluna Australia Pty Ltd, of which Lithium Australia owns 50%, received CEC approval for its residential battery storage product.
The Lithium Australia share price closed yesterday, trading at 12 cents.
Let's take a closer look at the news shared by the battery metals company this morning.
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Residential battery storage product
Lithium Australia announced today that Soluna Au's 10K Pack HV has received CEC approval and can be marketed in Australia.
The CEC inspects and approves all clean energy products sold in Australia to ensure their safety.
The 10K Pack HV is a residential battery energy-storage system for homes with single or three-phase power. The product stores solar power and has 10-kilowatt hours of storage capacity.
Customers can purchase up to 4 of the batteries, increasing their storage capacity to 40-kilowatt hours.
Today's announcement also included news of a distribution deal.
Soluna Au has signed a distribution agreement with Legend Corporate Services Limited, a company that markets and installs electrical products in Australia and New Zealand.
Legend has more than 350 employees across manufacturing, engineering, laboratory, and distribution facilities.
Commentary from management
Lithium Australia managing director Adrian Griffin welcomed the product's CDC approval, saying:
Signing a national distributor agreement will increase our market penetration and rate of sales.
It is a timely transaction that comes on the back of CEC approval for Soluna's 10 kilowatt hour pack which extends our product range, providing greater choice for consumers.
Lithium Australia share price snapshot
The Lithium Australia share price is still riding high on the ASX's lithium wave.
Currently, the Lithium Australia share price is up 100% year to date and has lifted 140% over the last 12 months.
The company has a market capitalisation of around $108 million, with approximately 901 million shares outstanding.
