Glencore Entered Into Strategic Partnership with Li-Ion Battery Recycler
With commercial agreements in place, Glencore will become an important partner to source battery feedstock for Li-Cycle’s Spoke facilities and black mass and sulfuric acid for Li-Cycle’s Hub facilities.
SEATTLE (Scrap Monster): Glencore announced that it has reached a strategic partnership with Li-Cycle Holdings Corp.- the leading North American lithium-ion battery recycler. Further to this, Li-Cycle will become a preferred partner for Glencore in the lithium-ion battery recycling sector.
Simultaneously, Glencore has concurrently completed its previously announced $200 million investment in Li-Cycle through the purchase of a five-year convertible note. The note has a five-year term and is convertible into common shares of the company at a conversion price of $9.95 per common share. It also announced the appointment of Kunal Sinha, Glencore’s Head of Recycling to Li-Cycle’s Board of Directors.
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Commenting on the development, Sinha noted that the company looks forward to work collaboratively with other like-minded partners so as to achieve its ambition of net zero total emissions by 2050. Glencore is pleased to work with Li-Cycle as a key strategic partner in closing the loop for battery metals, he added.
With commercial agreements in place, Glencore will become an important partner to source battery feedstock for Li-Cycle’s Spoke facilities and black mass and sulfuric acid for Li-Cycle’s Hub facilities.
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