SUBIACO: Lithium Universe Limited (ASX: LU7) has announced a binding agreement to acquire worldwide rights to a groundbreaking photovoltaic (PV) solar panel recycling technology developed by Macquarie University.
The patented “Microwave Joule Heating Technology” (MJHT) promises to revolutionize the recycling of end-of-life solar panels by enabling efficient recovery of valuable materials like silver, silicon, gallium and indium.
Key Details of the Agreement
- Technology: MJHT uses targeted microwave energy to soften the ethylene vinyl acetate (EVA) encapsulant in solar panels, allowing clean separation of layers at room temperature—avoiding high-heat furnaces (1,400°C) and toxic chemicals used in conventional methods.
- Exclusive License: LU7 will acquire 100% of New Age Minerals Pty Ltd (NAM), the holding company for the technology, via a 20-year licensing agreement with Macquarie University.
- Financial Terms: Includes a $33,900 upfront payment, $20,000 annual fees from 2027 and a 3% royalty on gross sales. Milestone payments of $100,000 (or equity) are tied to pilot plant commissioning and first commercial sales.
With only 15% of PV panels currently recycled globally, the International Energy Agency projects 60–78 million tonnes of solar waste will accumulate by 2050. Traditional recycling methods recover just 35% of a panel’s value, often losing critical metals to landfills. MJHT aims to boost recovery rates to 95% for high-value materials like silver, which is essential for solar cell conductivity and faces a supply shortfall.
Solar panel recycling market opportunities
- Silver Demand: Industrial use, including PV cells, is driving record demand (680 million ounces in 2025), with prices nearing $1,100/kg.
- Silicon Recovery: The semiconductor-grade silicon market, valued at $12.7 billion in 2023, could benefit from recycled PV materials.
- CIGS Solar Growth: The thin-film solar sector, reliant on indium and gallium, is projected to grow to $12.23 billion by 2032.
LU7 plans to integrate MJHT into its Québec lithium refinery operations, exploring applications for spodumene processing. The company also secured $1.7 million in funding via a share placement to advance R&D and commercialization.
“This technology tackles two urgent challenges: solar waste accumulation and critical mineral supply chains,” said Iggy Tan, LU7’s executive chairman. “With Australia facing a ‘tsunami’ of PV waste, MJHT offers a sustainable solution while creating economic value.”
Next Steps
- Pilot Plant: Targeted for 2027, with full-scale deployment by 2032.
- Shareholder Vote: Approval for Tranche 2 funding ($1.1 million) is set for July 23, 2025.