Fri, Mar 15th 2024
Li-Cycle strengthens ties with Glencore through a $75 million investment, bolstering their business model.
Li-Cycle, a leader in lithium-ion battery recycling has formed a partnership with Glencore plc through a $75 million investment according to a press release. This collaboration underscores Glencore’s confidence in Li-Cycle’s commitment to advancing battery material circularity.
The revised terms of Glencore’s existing convertible note with Li-Cycle include extended maturity, market-based re-pricing, and additional security interests.
The investment not only bolsters Li-Cycle’s liquidity but also serves as a testament to Glencore’s faith in Li-Cycle’s future-oriented projects, including the ongoing collaboration with the U.S. Department of Energy on a potential $375 million loan.
Ajay Kochhar and Tim Johnston, the driving forces behind Li-Cycle, emphasized the importance of this investment in supporting Li-Cycle’s mission to lead in critical battery material production through sustainable and safe recycling technologies.
This partnership also entails Glencore purchasing a senior secured convertible note from Li-Cycle, convertible into common shares. The transaction, subject to customary closing conditions, is anticipated to finalise by March 25, 2024, illustrating a significant milestone in Li-Cycle’s journey towards leading the sustainable battery material production market.
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