Lithium-ion recycler Li-Cycle lands $200 million to power future EVs – TechCrunch

Metals and fossil fuels behemoth Glencore is pumping $200 million into battery recycler Li-Cycle as half of an even bigger, symbiotic present deal inked by the two companies.

Beneath the model new settlement, the Swiss provides massive will ship burnt-out batteries and scraps to Li-Cycle, which is ready to recuperate the high-demand metals to permit them to be reused in electrical automobile batteries and completely different features.

Li-Cycle makes use of a spoke-and-hub technique for recovering the provides. At their spoke facilities, they shred spent batteries and use a water-based system to begin to interrupt down the batteries. Commonly known as hydrometallurgical processing, the tactic makes use of a lot much less energy than pyrometallurgical processing, the alternative essential method that principally melts batteries down. Whereas the hydrometallurgical technique can recuperate further minerals, too, one draw again is that it produces further wastewater that must be dealt with.

From its spoke facilities, Li-Cycle ships a substance typically referred to as black mass to its hub facilities for added processing. There, it separates the black mass into a variety of provides, along with those that could be utilized to make new lithium-ion batteries.

Glencore will probably offer Li-Cycle with black mass for processing along with manufacturing scrap. Securing a present of scrap might very nicely be advantageous for the startup because it’s easier to recycle than full batteries.

After info of the convertible financing deal broke, Li-Cycle’s stock shot up nearly 9% to a extreme of $7.89 per share all through frequent shopping for and promoting hours. The six-year-old recycling company debuted on the New York Stock Alternate remaining August by means of a $1.55 billion SPAC merger. On excessive of the $200 million from Glencore, the battery recycler simply currently secured an extra $50 million from LG and $100 million from the infamous fossil-fuel booster Koch Industries.

Glencore talked about in an investor exchange late remaining yr that it intends to boost its recycling operations world vast, a shift for the company that’s acknowledged further for mining virgin ore than diverting waste from landfills. The mining massive says the switch ought to help convey down the carbon depth of its provides. Glencore has talked about that it’s specializing in net-zero emissions by 2050.

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