- Press Releases
May 5 (Renewables Now) - Commodities group Glencore plc (LON:GLEN) and Toronto-based lithium-ion battery recycler Li-Cycle Holdings Corp (NYSE:LICY) have formed a strategic partnership that will see Glencore subscribe for USD 200 million (EUR 190m) of convertible debt in Li-Cycle.
In separate statements today, the companies explained that the alliance will further circularity for critical materials in battery supply chains.
Li-Cycle will be a preferred global partner for Glencore in the lithium-ion battery recycling sector. The two will sign a number of commercial agreements, covering feedstock procurement for and offtake from Li-Cycle facilities.
Glencore said that via the tie-up it will aim to combine primary and recycled battery raw materials to produce battery grade end products for electric vehicles (EV). The partnership is also part of Glencore’s efforts to establish regional platforms to localise battery raw material supply chains.
“This is a key step in establishing a strong long-term foundation for the vertical integration of the battery materials supply chain,” said Kunal Sinha, head of recycling at Glencore.
Glencore will make its investment upon completion of the commercial agreements, which is expected in the second quarter of 2022. Converting the debt would give Glencore a 10% equity stake in Li-Cycle.
(USD 1 = EUR 0.950)