Canadian Prime Minister Justin Trudeau and European Commissioner Ursula von der Leyen Visit Li-Cycle’s Lithium-Ion Battery Recycling Facility in Ontario
Li-Cycle Holdings Corp. (NYSE: LICY) (“Li-Cycle” or the “Company”), an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America, was honoured to host the Prime Minister of Canada, Justin Trudeau, and the President of the European Commission, Ursula von der Leyen, yesterday at the Company’s lithium-ion battery recycling facility located in Kingston, Ontario.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230307006021/en/
Li-Cycle Co-Founder and Executive Chairman Tim Johnston with Canadian Prime Minister Justin Trudeau at Li-Cycle’s battery recycling facility in Kingston, Ontario. (Photo Credit: Adam Scotti)
During the visit, Prime Minister Trudeau and President von der Leyen were joined by Li-Cycle co-founders Ajay Kochhar and Tim Johnston as they toured Li-Cycle’s first commercial Spoke facility and observed lithium-ion batteries being recycled in a safe and environmentally friendly manner. The leaders discussed the importance of Li-Cycle’s innovative, proprietary and sustainable Spoke & Hub Technologies™, which support the clean energy transition in both North America and Europe.
“We are excited to have hosted Prime Minister Trudeau and President von der Leyen at our Ontario Spoke. As a Canadian company, we were honoured to have the privilege and opportunity to showcase our innovative and sustainable Spoke technology to Prime Minister Trudeau and President von der Leyen. Li-Cycle plays an essential role in creating a domestic supply of battery materials in Canada and Europe to help further drive electrification,” said Ajay Kochhar, co-founder and CEO of Li-Cycle.
“As Li-Cycle expands upon its significant first mover advantage in the North American market, we continue to advance our global growth strategy and progress with the deployment of our technologies in Europe. We believe that Prime Minister Trudeau’s and President von der Leyen’s visit further reinforces Li-Cycle’s exceptional value proposition for Canada’s and Europe’s burgeoning battery supply chain, also as we expect to operationalize our largest Spoke facility to-date in Germany later this year,” said Tim Johnston, co-founder and Executive Chairman of Li-Cycle.
“I’m so pleased that Li-Cycle had the opportunity to showcase their local operations to Prime Minister Trudeau and President von der Leyen during their visit to Kingston. A global leader in lithium-ion battery recycling – including those used in EVs – Li-Cycle’s expansion in Kingston is an important part of making Canada a clean tech innovator the world over. Since my initial tour of Li-Cycle’s local facility, I’ve been continually impressed by this company’s innovation and growth,” said Mark Gerretsen, Member of Parliament for Kingston and the Islands.
Li-Cycle’s patented and proven commercial Spoke & Hub Technologies enables up to a 95% recycling efficiency rate and returns valuable battery-grade materials found within lithium-ion batteries and battery manufacturing scrap into the supply chain. Additionally, our commitment to sustainability is core to our business of battery recycling and resource recovery, which uses technology to ensure our network of Spoke & Hub operations have an efficient environmental footprint. This includes processes that have minimal solid waste streams to landfill, zero wastewater discharge, and low air emissions.
Li-Cycle’s Spoke Network
Li-Cycle’s Spokes, the first stage of the Company’s vertically-integrated business model, safely recycle battery materials through a proprietary submerged shredding process to produce ‘black mass,’ an intermediate product which contains highly valuable metals, including lithium, nickel and cobalt. Our ‘Generation 3’ Spokes have the capability to directly process full electric vehicle (EV) and energy storage battery packs without any manual dismantling, which enhances safety and cost-effectiveness.
Li-Cycle currently operates four Spokes that can together recycle more than 50,000 tonnes of lithium-ion battery material per year. These Spokes, which are located in Kingston, Ontario; Rochester, New York; Gilbert, Arizona; and Tuscaloosa, Alabama, establish a footprint in key strategic regions to support the recycling needs of its growing battery supply customer base. Li-Cycle expects to have a total operational processing capacity of more than 80,000 tonnes per year of lithium-ion battery material across its Spoke network in North America and Europe by the end of 2023.
Germany Spoke and European expansion plans
Li-Cycle’s first European Spoke will be located in Germany near the city of Magdeburg and is expected to be the Company’s largest Spoke facility to-date, with a total processing capacity of 30,000 tonnes of lithium-ion battery material per year. The Germany Spoke is expected to have two main lines capable of processing full EV battery packs without dismantling, in addition to ancillary processing capacity, and is scheduled to be operational in the second half of 2023.
Li-Cycle’s Germany Spoke is expected to support its growing customer base in Europe and leverage existing infrastructure with access to clean renewable energy and key transportation outlets. Germany represents the largest market for both battery manufacturing scrap and the expected supply of end-of-life lithium-ion batteries in Europe.
Li-Cycle continues to develop its Norway Spoke, which is located in the city of Moss. To further support the clean energy transition, the Norway Spoke is expected to be powered by clean renewable energy, including geothermal heating. The Norway Spoke, which is expected to have processing capacity of up to 10,000 tonnes per year, is expected to be operational in 2024.
Ontario Spoke and Canadian expansion plans
Li-Cycle’s existing facility in Kingston, Ontario is Li-Cycle’s first Spoke and commenced commercial-scale operations in 2020. Li-Cycle is currently progressing with its plans to develop a new Spoke and warehouse facility in Kingston to replace the existing site, with the initial site work expected to commence in 2023. Li-Cycle’s new Ontario Spoke will use the Company’s latest ‘Generation 3’ Spoke technology and is expected to have processing capacity of up to 10,000 tonnes of lithium-ion battery material per year, which is double the existing facility’s processing capacity of 5,000 tonnes per year. The new Ontario Spoke will have the capability to process full EV and energy storage packs without any manual disassembly. The new Ontario Spoke is also expected to have research and training facilities.
At Li-Cycle’s Hub facilities, the second stage of its vertically integrated process, Li-Cycle will process black mass to produce battery-grade materials. Li-Cycle’s first commercial Hub facility is under construction in Rochester, New York (the “Rochester Hub”) and is expected to initiate commissioning in late 2023.
The Rochester Hub is expected to create the first source of recycled battery-grade lithium carbonate in North America and is designed to have a processing capacity of 35,000 tonnes of black mass per year, which is equivalent to approximately 90,000 tonnes or 18 gigawatt-hours (GWh) of lithium-ion batteries. Once fully operational, the Rochester Hub is expected to deliver annual production of 7,500 to 8,500 tonnes of battery-grade lithium carbonate, 42,000 to 48,000 tonnes of battery-grade nickel sulphate, and 6,500 to 7,500 tonnes of battery-grade cobalt sulphate, in addition to other valuable materials.
Li-Cycle recently received a conditional commitment for a loan of $375 million from the U.S. Department of Energy’s Advanced Technology Vehicles Manufacturing program to support the Rochester Hub’s development, providing the Company with financial flexibility to continue executing its global growth plans.
About Li-Cycle Holdings Corp.
Li-Cycle (NYSE: LICY) is on a mission to leverage its innovative Spoke & Hub Technologies™ to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of battery-grade materials. Lithium-ion rechargeable batteries are increasingly powering our world in automotive, energy storage, consumer electronics, and other industrial and household applications. The world needs improved technology and supply chain innovations to better manage battery manufacturing waste and end-of-life batteries and to meet the rapidly growing demand for critical and scarce battery-grade raw materials through a closed-loop solution. For more information, visit https://li-cycle.com/.
Certain statements contained in this press release may be considered “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, as amended, Section 21 of the U.S. Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. Forward-looking statements may generally be identified by the use of words such as “believe”, “may”, “will”, “continue”, “anticipate”, “intend”, “expect”, “should”, “would”, “could”, “plan”, “potential”, “future”, “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward-looking statements in this press release include but are not limited to statements aboutthe ability of Li-Cycle to help further drive electrification, the ability of Li-Cycle to continue to advance its global growth strategy and progress with the development of its technologies in Europe, the ability of Li-Cycle to offer exceptional value proposition for Canada’s and Europe’s burgeoning battery supply chain, the expectation that Li-Cycle will operationalize its largest Spoke facility to-date in Germany later this year, the expectation that Li-Cycle will have a total operational processing capacity of more than 80,000 tonnes per year of lithium-ion battery materials across its Spoke network in North America and Europe by end of 2023, the expectation that the Germany Spoke will have a total processing capacity of 30,000 tonnes of lithium-ion battery material per year, the expectation that the Norway Spoke will be powered by clean renewable energy, including geothermal heating, the expectation that the Norway Spoke will have processing capacity of up to 10,000 tonnes per year and that it will be operational in 2024, the plans to develop the new Ontario Spoke, the expectation that the initial site work at the new Ontario Spoke will commence in 2023, the expectation that the new Ontario Spoke will have processing capacity of up to 10,000 tonnes of lithium-ion battery material per year, the expectation that the new Ontario Spoke will have research and training facilities, the ability of Li-Cycle to process black mass to produce battery-grade materials at its Hub facilities, the expectation that Rochester Hub will initiate commissioning in late 2023, the expectation that Rochester Hub will create the first source of recycled battery-grade lithium carbonate in North America, the expectation that, once fully operational, Rochester Hub will be able to deliver annual production of 7,500 to 8,500 tonnes of battery-grade lithium carbonate, 42,000 to 48,000 tonnes of battery-grade nickel sulphate, and 6,500 to 7,500 tonnes of battery-grade cobalt sulphate, in addition to other valuable materials, the expectation that the conditional commitment for a loan of up to $375 million from the U.S. Department of Energy’s Advanced Technology Vehicles Manufacturing program will provide the Company with financial flexibility to continue executing its global growth plans. These statements are based on various assumptions, whether or not identified in this press release, made by Li-Cycle management, including but not limited to assumptions regarding the timing, scope and cost of Li-Cycle projects; the processing capacity and production of Li-Cycle facilities; Li-Cycle’s ability to source feedstock and manage supply chain risk; Li-Cycle’s ability to increase recycling capacity and efficiency; Li-Cycle’s ability to obtain financing on acceptable terms; Li-Cycle’s ability to obtain $375 million loan from the U.S. Department of Energy’s Advanced Technology Vehicles Manufacturing program; Li-Cycle’s ability to retain and hire key personnel and maintain relationships with customers, suppliers and other business partners; expected regulatory processes and outcomes in connection with Li-Cycle’s business; general economic conditions; currency exchange and interest rates; compensation costs; and inflation. There can be no assurance that such assumptions will prove to be correct and, as a result, actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Li-Cycle and are not guarantees of future performance. Li-Cycle believes that these risks and uncertainties include, but are not limited to, the following: Li-Cycle’s inability to economically and efficiently source, recover and recycle lithium-ion batteries and lithium-ion battery manufacturing scrap, as well as third party black mass, and to meet the market demand for an environmentally sound, closed-loop solution for manufacturing waste and end-of-life lithium-ion batteries; Li-Cycle’s inability to successfully implement its global growth strategy, on a timely basis or at all; Li-Cycle’s inability to manage future global growth effectively; Li-Cycle’s inability to develop the Rochester Hub and its Spoke network in a timely manner or on budget or that those projects will not meet expectations with respect to their productivity or the specifications of their end products; Li-Cycle’s failure to materially increase recycling capacity and efficiency; Li-Cycle may engage in strategic transactions, including acquisitions, that could disrupt its business, cause dilution to its shareholders, reduce its financial resources, result in incurrence of debt, or prove not to be successful; one or more of Li-Cycle’s current or future facilities becoming inoperative, capacity constrained or if its operations are disrupted; additional funds required to meet Li-Cycle’s capital requirements in the future not being available to Li-Cycle on commercially reasonable terms or at all when it needs them; Li-Cycle expects to incur significant expenses and may not achieve or sustain profitability; problems with the handling of lithium-ion battery cells that result in less usage of lithium-ion batteries or affect Li-Cycle’s operations; Li-Cycle’s inability to maintain and increase feedstock supply commitments as well as securing new customers and off-take agreements; a decline in the adoption rate of EVs, or a decline in the support by governments for “green” energy technologies; decreases in benchmark prices for the metals contained in Li-Cycle’s products; changes in the volume or composition of feedstock materials processed at Li-Cycle’s facilities; the development of an alternative chemical make-up of lithium-ion batteries or battery alternatives; Li-Cycle’s revenues for the Rochester Hub are derived significantly from a single customer; Li-Cycle’s insurance may not cover all liabilities and damages; Li-Cycle’s heavy reliance on the experience and expertise of its management; Li-Cycle’s reliance on third-party consultants for its regulatory compliance; Li-Cycle’s inability to complete its recycling processes as quickly as customers may require; Li-Cycle being subject to the risk of litigation or regulatory proceedings; Li-Cycle’s inability to compete successfully; increases in income tax rates, changes in income tax laws or disagreements with tax authorities; significant variance in Li-Cycle’s operating and financial results from period to period due to fluctuations in its operating costs and other factors; fluctuations in foreign currency exchange rates which could result in declines in reported sales and net earnings; unfavourable economic conditions, such as consequences of the global COVID-19 pandemic; natural disasters, unusually adverse weather, epidemic or pandemic outbreaks, cyber incidents, boycotts and geo-political events; failure to protect or enforce Li-Cycle’s intellectual property; Li-Cycle may be subject to intellectual property rights claims by third parties; Li-Cycle’s failure to effectively remediate the material weaknesses in its internal control over financial reporting that it has identified or if it fails to develop and maintain a proper and effective internal control over financial reporting.
These and other risks and uncertainties related to Li-Cycle’s business and the assumptions on which the forward-looking information is based are described in greater detail in the sections entitled “Item 3D. Risk Factors” and “Item 5. Operating and Financial Review and Prospects—Key Factors Affecting Li-Cycle’s Performance” and elsewhere in its Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission and the Ontario Securities Commission in Canada on February 6, 2023.
Li-Cycle assumes no obligation to update or revise any forward-looking statements, except as required by applicable law. These forward-looking statements should not be relied upon as representing Li-Cycle’s assessment as of any date subsequent to the date of this press release.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230307006021/en/
Nahla A. Azmy
About Business Wire
24 Martin Lane
EC4R 0DR London
+44 20 7626 1982http://www.businesswire.co.uk
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Spring 2023 Maxon One Release Adds Extraordinary Value29.3.2023 18:00:00 CEST | Press release
Maxon, developers of professional software solutions for editors, filmmakers, motion designers, visual effects artists and creators of all types, announced today a comprehensive update to Maxon One. Maxon’s Spring 2023 release offers exciting new features and workflow enhancements across the entire product line that will empower designers and artists to turn their creative ideas into reality with stunning results. Cinema 4D 2023.2 offers an improved Commander, enhancements to its Nodes system, simulation improvements and a new Thicken generator for modeling. Updates to the Red Giant toolset feature new tools and augmentations; most notably the introduction of Symbol Mapper for Universe 2023.1, anamorphic lens support for Real Lens Flares for VFX 2023.3, and Trapcode 2023.3 includes performance optimizations for Particular and a new collection of Atomic Age sprites. Redshift 3.5.14 brings a fantastic new Sky and Sun Model, a new Flakes Shader and new Camera Backplates. The latest releas
Nasdaq Congratulates Signifier Medical Technologies for Treating 10,000 Patients With eXciteOSA, a Daytime Therapy for Sleep Apnea29.3.2023 17:24:00 CEST | Press release
Signifier Medical Technologies LLC (“Signifier” or the “Company”), a Boston-based medical technology company, announces that eXciteOSA, the only FDA-authorized daytime therapy for sleep-disordered breathing, has treated over 10,000 patients since the commercial launch in 2021. Nasdaq recognized this milestone by congratulating Signifier Medical on the Nasdaq Tower in the heart of Times Square, New York. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230329005432/en/ (Photo: Business Wire) Akhil Tripathi, Signifier’s co-founder and CEO said, “This is a proud moment knowing that our therapy has made a positive impact on the lives of so many patients. It’s been a great team effort among our employees, clinicians, distributors, and most of all, our patients.” Signifier Medical is simplifying the complex standard of care for obstructive sleep apnea with eXciteOSA by tackling a root cause -- empowering patients to restore their ni
Flare gas reduction: Graforce a winner at Petronas Race2Decarbonise for groundbreaking solution29.3.2023 17:00:00 CEST | Press release
Out of more than 500 global solutions,Graforcewas recognized at the Petronas Race2Decarbonisewith its methane electrolysis technology (plasmalysis) in the category “Gas Flaring Reduction or Elimination.” The competition is aimed at accelerating the development of low-carbon solutions and reducing greenhouse gas emissions. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230329005084/en/ Gas flaring causes more than 400 million tons of CO2 emissions every year. Graforce’s methane electrolysis technology is a groundbreaking solution that converts flare gas and other hydrocarbons into clean hydrogen and solid carbon. (Photo: Business Wire) Gas flaring results in more than 400 million tons of CO2 emissions every year. Thousands of gas flares at production sites around the globe burn approximately 150 billion cubic meters of natural gas each year, thus wasting a valuable resource. Plasmalysis, on the other hand, converts methane an
SRMG launches new venture capital arm, SRMG Ventures, with first investments in regional content studio and immersive platform companies29.3.2023 16:36:00 CEST | Press release
SRMG, a global integrated media group, yesterday announced the launch of its corporate venture capital arm, SRMG Ventures. In line with SRMG’s transformative growth strategy, SRMG Ventures will invest in early-stage companies and technologies within the core target areas: media creators, digital media, media enablers and tools, including generative AI, as well as immersive and interactive entertainment. SRMG Ventures will initially target investments from the seed to Series B stage. SRMG Ventures will enable SRMG to back and empower regional talent and entrepreneurs, acting as a catalyst for further growth of the rapidly evolving media industry in the region. SRMG Ventures will provide SRMG with direct access to innovative technologies, as well as new media talent and content creators, that will continue to enhance SRMG’s own media portfolio and drive forward the future of media. The new corporate venture capital arm will additionally help SRMG penetrate new markets and further diversi
LambdaTest Upgrades its Playwright Automation Testing Experience With the Addition of its AI-Powered Integrated Test Intelligence29.3.2023 16:30:00 CEST | Press release
LambdaTest, an intelligent omnichannel digital experience testing cloud platform, has announced the addition of advanced AI-powered test intelligence features to its Playwright testing cloud offering. With this latest development, LambdaTest will now enable enterprises with deeper insights into their test execution process and help them better streamline their quality assurance process. LambdaTest has been constantly working on enhancing its Playwright automation testing cloud and the test intelligence feature is the latest addition to the list. Over the last quarter, LambdaTest has added features like support for browser extension testing, IP-based Geolocation testing, and Playwright component testing. Customers can soon test on Android real devices using Playwright as well. “Test intelligence is at the core of digital transformation in enterprises. Given Playwright’s increasing usage across the business world, we are excited to provide our customers with a deeper and more intuitive v