Swiss mining company Glencore has finalized its acquisition of Canadian battery recycling firm Li-Cycle, incorporating Li-Cycle’s North American spoke facilities, its hub project in Rochester, and a recently opened spoke plant in Magdeburg, Germany. The purchase also includes Li-Cycle’s intellectual property, marking a significant expansion of Glencore’s position in the battery recycling market.
Li-Cycle had initiated a search for a buyer in March amid financial challenges and filed for creditor protection in both Canada and the United States in May. Glencore, already a creditor and partner, was widely viewed as the most probable acquirer. The Swiss company’s statement on the acquisition, effective August 8, 2025, said: “We’re excited for Li-Cycle to be part of Glencore and confident that this will bring continued value and enhanced service to our joint customers.” Glencore confirmed that future updates and customer support would be provided through its newly branded division, Glencore Battery Recycling (GBR).
Li-Cycle’s operations include three spoke facilities in the United States—located in Arizona, Alabama, and New York—as well as two spokes in Ontario, Canada, and one in Magdeburg, Germany. The company’s recycling model uses spokes for mechanical processing of battery materials near customers, producing intermediates like black mass containing valuable active materials. These are then sent to central hubs, such as the Rochester facility, for hydrometallurgical processing to recover raw materials like aluminium and copper for new battery production. The Magdeburg plant, inaugurated in September 2023, represents Li-Cycle’s entry into the European Union, with an initial processing capacity of up to 10,000 tonnes per year.
Li-Cycle had faced delays and cost overruns, including a halted construction of the Rochester hub in late 2023. Glencore had provided debtor-in-possession financing of $10.5 million and submitted a stalking horse bid of at least $40 million, securing the right to set a minimum bid for Li-Cycle’s assets during insolvency proceedings. Negotiations between the companies reportedly began prior to the creditor protection filing.
The acquisition is expected to bolster Glencore’s battery recycling business and enhance its supply chain for raw materials critical to the automotive, battery, and energy sectors, further positioning the company in the growing market for sustainable battery materials recovery.