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Glencore backs battery recycling firm Li-Cycle with $200 million investment

Kitco News

Kitco News

Li-Cycle (NYSE: LICY) announced today that Glencore will make a $200 million investment in the company.

Li-Cycle is a lithium-ion battery recycler operating in North America.

Glencore will have the right to nominate one board member to the Li-Cycle board. Li-Cycle has agreed to nominate Kunal Sinha, Glencore’s Head of Recycling, to the Li-Cycle Board of Directors.

“We are thrilled to have Glencore as a long-term strategic investor and global commercial partner. Bringing our complementary capabilities together will accelerate the path to a circular economy for critical materials in the lithium-ion battery supply chain,” said Ajay Kochhar, Li-Cycle Co-Founder and Chief Executive Officer. “These agreements further secure and diversify our lithium-ion battery supply and feedstock sources, competitively positioning our network expansion in North America and Europe.”

Li-Cycle traded up today 7.93% to $7.76 a share.

By Kitco News

For Kitco News

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