Li-Cycle Inks Long-Term Agreements with Glencore for Vehicle Battery Production

Li-Cycle Corp of Toronto, ON has executed long-term commercial agreements with Glencore plc of Switzerland for the production of electric vehicle batteries. The company has also announced that Glencore has concurrently completed its previously announced US$200 million investment in Li-Cycle through the purchase of a five-year convertible note.

Ajay Kochhar, Li-Cycle’s CEO, said, “We are 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. 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 leading supplier of primary metals, including being the top producer of cobalt and a top three producer of class I nickel globally.

Volume 36, Issue 11

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