Li-Cycle
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Li-Cycle stock surges on $75 million investment from Glencore
Lithium-ion battery resource recovery company Li-Cycle (NYSE: LICY) announced Tuesday it has raised $75 million through a senior note financing with an affiliate of Swiss commodities giant Glencore (LON: GLEN).
Glencore last year said it planned to develop a recycling hub in Europe with Li-Cycle to produce materials including lithium carbonate in response to a global shortage of key raw materials for the fast-growing electric vehicle (EV) market.
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Li-Cycle and Glencore Enter into Long-Term Commercial Agreements and Close Glencore $200 Million Investment in Li-Cycle
Li-Cycle Holdings Corp. (NYSE: LICY), an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America, today announced that it has executed long-term commercial agreements with Glencore plc (LON: GLEN), a leading provider of primary metals for the production of electric vehicle (EV) batteries. The Company also announced that Glencore has concurrently completed its previously announced $200 million investment in Li-Cycle through the purchase of a five-year convertible note, and that Kunal Sinha, Glencore’s Head of Recycling, has been appointed to Li-Cycle’s Board of Directors.