2022-05-18 Product news
Glencore to invest US$200M in battery recycling firm Li-Cycle
Glencore (LSE: GLEN) has inked a deal with Toronto-based Li-Cycle Holdings (NYSE: LICY) to supply the company with all types of manufacturing scrap and end-of-life lithium-ion batteries.
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Read the full article on northernminer.com
“…The company will also invest US$200 million in Li-Cycle once the agreement is executed, which would give it the right to nominate its head of recycling, Kunal Sinha, on to Li-Cycle’s board. The deal is expected to be closed in the third quarter of 2022…
…The demand for lithium-ion batteries, used in electric vehicles (EV), has been on the rise, as the world looks to meet its goal of transitioning away from fossil fuels by 2050. The recycling of lithium-ion batteries though is not expected to take off before 2030 due to obstacles such as the lack of recyclable feedstock and the long life of EVs, according to Wood Mackenzie...”
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