Li-Cycle, Glencore enter into long-term commercial agreements on battery feedstock and battery-grade end products
(Kitco News) - Li-Cycle Holdings (NYSE: LICY), an industry leader in lithium-ion battery resource recovery, today announced that it has executed long-term commercial agreements with Glencore, a leading provider of primary metals for the production of electric vehicle batteries.
The company said that with the commercial agreements in place, Glencore will become an important 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.
Glencore will also complement the company’s existing partners through off-take and marketing of Li-Cycle’s battery-grade end products and certain by-products produced at the company’s Spokes and Hubs.
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.
“Bringing Li-Cycle’s and Glencore’s complementary capabilities together will help accelerate the path to a circular economy for critical materials in the lithium-ion battery supply chain,” the company said in a statement.
Glencore is a leading provider of primary metals for lithium-ion batteries and electric vehicles, including being the top producer of cobalt and a top three producer of class I nickel globally. Glencore’s ambition is to be a net zero total emissions company by 2050.
Li-Cycle is a leading lithium-ion battery recycling company, driving value through the company’s robust base of battery supply customers and its innovative Spoke & Hub Technologies™. The company is an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America.
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