Li-Cycle and Glencore enter into commercial agreements and close $200M investment in Li-Cycle
by CM Staff
Glencore will become a partner to source battery feedstock for Li-Cycle’s Spoke facilities, as well as both black mass and sulfuric acid for Li-Cycle’s Hub facilities.
Li-Cycle employees at a facility in Kingston, ON.
TORONTO — Li-Cycle Holdings Corp., a company involved in lithium-ion battery resource recovery and the a lithium-ion battery recycler, announced that it has executed long-term commercial agreements with Glencore plc, a provider of primary metals for the production of electric vehicle (EV) batteries. The Company also announced that Glencore has concurrently completed its previously announced $200 million investment in Li-Cycle through the purchase of a five-year convertible note, and that Kunal Sinha, Glencore’s Head of Recycling, has been appointed to Li-Cycle’s Board of Directors.
“We’re pleased to launch our strategic partnership with Glencore, enabling us to pursue our shared vision to enable sustainable, localized supply chains for electrification metals. I am confident that we can better serve our collective customers by leveraging our complementary capabilities and delivering an integrated approach by combining primary and recycled metal supply,” said Ajay Kochhar, Li-Cycle co-founder and Chief Executive Officer. “Further, Glencore’s investment bolsters Li-Cycle’s already strong balance sheet, further enhancing our ability to complete our current pipeline of Spoke and Hub facilities and meet our operating needs while maintaining financial flexibility.”
Glencore is a provider of primary metals for lithium-ion batteries and electric vehicles. Li-Cycle is a lithium-ion battery recycling company, attempting to drive value through the Company’s base of battery supply customers and its Spoke & Hub Technologies™. Bringing Li-Cycle’s and Glencore’s complementary capabilities together hopes to accelerate the path to a circular economy for critical materials in the lithium-ion battery supply chain.
“Achieving our ambition of NetZero total emissions by 2050, requires working collaboratively with other like-minded partners. We are pleased to work with Li-Cycle as a key strategic partner in closing the loop for battery metals, at scale, in localized supply chains, with a sustainable footprint that effectively combines primary as well as recycled raw materials,” said Kunal Sinha, Glencore’s Head of Recycling and Li-Cycle’s newly-appointed director.
Glencore will become a partner to source battery feedstock for Li-Cycle’s Spoke facilities, as well as both black mass and sulfuric acid for Li-Cycle’s Hub facilities.
