TORONTO– (“Li-Cycle” or “the Company”), North America’s largest lithium-ion battery recycling and resource recovery company, today announced that the Company is partnering with The Shore Foundation, a non-profit organization providing access to technology for low income individuals and families.
Li-Cycle is committed to Corporate Social Responsibility and using sustainability measures to improve the lives and livelihoods of the communities in which it operates, and the planet as a whole. Through its collaboration and corporate sponsorship, Li-Cycle will bolster The Shore Foundation’s ability to empower local communities through the enhancement of their technological access and distribution of refurbished laptop and desktop computers that have been given new life.
“We are very excited to launch our partnership with The Shore Foundation, as we have dedicated ourselves to supporting impactful ESG initiatives, ensuring that Li-Cycle does its part to improve our local communities. We have roots within the City of Rochester and understand and appreciate the value that The Shore Foundation offers to the citizens of Rochester and surrounding areas,” said Ajay Kochhar, Co-Founder, President and Chief Executive Officer of Li-Cycle. “We’re constantly looking for more opportunities to give back as we continue on our own mission to provide a circular solution for safe, sustainable resource recovery from end-of-life lithium-ion batteries.”
This commitment from Li-Cycle is expected to benefit many community groups that address issues like access to education, homelessness, at-risk youth, and job empowerment programs. Through the partnership, Li-Cycle will also assist The Shore Foundation with recycling of laptop lithium-ion batteries for computers that are unable to be refurbished and redistributed. Li-Cycle’s corporate sponsorship will run from 2021 to 2024 and will help cover the costs of refurbishing the laptops and desktop computers.
“We are thrilled to welcome Li-Cycle as our partner and greatly appreciate their support of our mission,” commented Megan Alchowiak, Executive Director of The Shore Foundation. “This is a great reflection of Li-Cycle’s commitment to the community and now more than ever, this support will provide more refurbished computers to our neighbors in need.”
Li-Cycle operates a commercial lithium-ion battery recycling facility in Rochester, New York, processing up to 5,000 tonnes of lithium-ion batteries per year. The facility will supply “black mass,” an electrode mixture containing lithium, nickel cobalt, and other critical materials, to Li-Cycle’s future Hub, which is currently in late stage development in Rochester, New York. The Hub will process black mass in order to produce critical, battery-grade materials from recycled sources, as well as other recycled materials that can be returned to the economy.
The imperative for economically and environmentally sustainable resource recovery and recycling is growing in lockstep with the rapid growth of battery manufacturing. Li-Cycle utilizes its patented Spoke & Hub Technologies™ to achieve the industry-leading recovery rate and to produce the critical battery materials underpinning the global growth in electric vehicle production. Legacy recycling technologies have largely relied on thermal operations, which can emit harmful emissions and result in lower recovery rates. Li-Cycle’s Spoke & Hub Technologies™ achieve up to 95% resource mass recovery. The Company’s two-stage battery recycling model enables customers to benefit from a safe and environmentally friendly solution for recycling all types of lithium-ion battery materials.
On February 16, 2021, Li-Cycle announced a definitive business combination agreement with Peridot Acquisition Corp. (NYSE: PDAC) (“Peridot”). Upon the closing of the business combination, which is expected in the second quarter of 2021, the combined company will be renamed Li-Cycle Holdings Corp. Li-Cycle intends to apply to list the common shares of the combined company on the New York Stock Exchange under the new ticker symbol, “LICY.” Li-Cycle is expected to receive approximately $615 million in gross transaction proceeds upon the closing of the business combination (assuming no redemptions of Peridot shares), which is expected to enable the Company to contribute to funding its planned global expansion. Additional information about the transaction can be viewed here: https://li-cycle.com/investors/.