Daimler Truck North America has announced a partnership with Li-Cycle to recycle its end-of-life lithium-ion electric vehicle (EV) batteries. The move is part of Daimler’s efforts to maximize battery lifespans and reduce material waste. However, specific details of the arrangement between the two companies, such as scope and timescale, have not been disclosed.
Li-Cycle, a Canadian company listed on the NYSE under the ticker symbol LICY, operates four pre-processing facilities, known as “Spokes,” in North America: Kingston, Ontario; Rochester, New York; Gilbert, Arizona; and Tuscaloosa, Alabama. These facilities produce an intermediate product called “black mass,” which contains lithium, nickel, cobalt, and other battery materials. Li-Cycle plans to process this black mass at its future “Hub” facilities to produce battery-grade end products for reuse.
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However, Li-Cycle announced in October 2023 that construction of its flagship Hub battery recycling facility in Rochester would pause for review due to liquidity issues. The Rochester Hub had previously received a $375 million loan from the US Department of Energy in February 2023.
Li-Cycle reported a net loss of $138 million for 2023. However, in March 2024, the company secured a $75 million investment from Swiss mining company Glencore. Ajay Kochhar, CEO of Li-Cycle Holdings, commented on the investment, stating, “We are pleased to secure an additional $75 million investment from Glencore, following Glencoreās June 2022 investment, to improve our liquidity position while we continue our ongoing comprehensive review process.”
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The details of Li-Cycle’s current activities with the processed black mass and other metals remain unclear, and further information is pending from the company.
