Battery recycler Li-Cycle debuts on New York Stock Exchange after merger with Peridot
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Li-Cycle's demonstration hub in Ontario and (inset) co-founder and executive chairman Tim Johnston.
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Canada-based lithium battery recycler Li-Cycle has made its debut on the New York Stock Exchange, after completing its merger with special purpose acquisition company Peridot Acquisition Corp.
The merger with Peridot gives the now renamed Li-Cycle Holdings Corp around $580m (£418m) of gross cash proceeds after redemptions – allowing Li-Cycle to further develop its commercial technology internationally for the recycling of all types of lithium-ion batteries.
Li-Cycle’s common stock began trading under the ‘LICY’ symbol on 11 August.
Co-founder and CEO Ajay Kochhar said: "As the electric vehicle revolution continues to ramp up, we believe our technology will be critical for supporting the growth of e-mobility globally, while ensuring sustainability and resource efficiency.”
The merger came just weeks after Li-Cycle announced an agreement to recycle up to 100% of the material scrap from battery cell manufacturing by the Ultium Cells joint venture in the US between General Motors and South Korea’s LG Energy Solution.
Last April, Li-Cycle unveiled plans to build its third commercial lithium-ion battery recycling facility in the US state of Arizona.
The Arizona facility, to be built in the Phoenix metropolitan area, will be capable of processing up to 10,000 tonnes of end-of-life batteries and battery manufacturing scrap per year – taking Li-Cycle’s total recycling capacity to 20,000 tonnes annually.
The plant builds on Li-Cycle’s existing North American ‘spoke’ operations – in Rochester, New York and Kingston, Ontario – and is part of the company’s plan to build 20 such facilities over the next five years.
Li-Cycle uses a wet chemical process to recover 80-100% of all materials found in lithium-ion batteries, "while maintaining no wastewater discharge”.
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The merger with Peridot gives the now renamed Li-Cycle Holdings Corp around $580m (£418m) of gross cash proceeds after redemptions – allowing Li-Cycle to further develop its commercial technology internationally for the recycling of all types of lithium-ion batteries.
Li-Cycle’s common stock began trading under the ‘LICY’ symbol on 11 August.
'Sustainability'
Co-founder and CEO Ajay Kochhar said: "As the electric vehicle revolution continues to ramp up, we believe our technology will be critical for supporting the growth of e-mobility globally, while ensuring sustainability and resource efficiency.”
The merger came just weeks after Li-Cycle announced an agreement to recycle up to 100% of the material scrap from battery cell manufacturing by the Ultium Cells joint venture in the US between General Motors and South Korea’s LG Energy Solution.
Last April, Li-Cycle unveiled plans to build its third commercial lithium-ion battery recycling facility in the US state of Arizona.
Wet process
The Arizona facility, to be built in the Phoenix metropolitan area, will be capable of processing up to 10,000 tonnes of end-of-life batteries and battery manufacturing scrap per year – taking Li-Cycle’s total recycling capacity to 20,000 tonnes annually.
The plant builds on Li-Cycle’s existing North American ‘spoke’ operations – in Rochester, New York and Kingston, Ontario – and is part of the company’s plan to build 20 such facilities over the next five years.
Li-Cycle uses a wet chemical process to recover 80-100% of all materials found in lithium-ion batteries, "while maintaining no wastewater discharge”.
Related articles in our archive: