Li-cycle Closes $75 Million Strategic Investment From Glencore

By Author: Orson Amiri
Total Articles: 401
Comment this article

Li-Cycle Holdings Corp. (NYSE: LICY), a leading global lithium-ion battery resource recovery company, has finalized a $75 million investment from Glencore plc (LON: GLEN), a prominent producer, recycler, and marketer of nickel and cobalt for lithium-ion batteries. Ajay Kochhar, Li-Cycle's CEO, views this as a significant step in their funding strategy, enhancing liquidity and fortifying their partnership with Glencore. The investment is crucial amid Li-Cycle's ongoing review process and focus on strategic priorities, including cost reduction, project evaluation, and collaboration with the U.S. Department of Energy for potential financing. Glencore's investment, executed through a senior secured convertible note, provides Li-Cycle with financial flexibility, further cementing their position in the lithium-ion battery recycling market.

The investment consists of a convertible note with a five-year term, allowing Glencore to convert it into Li-Cycle's common shares. Li-Cycle also retains the option to pay interest on the note in cash or in-kind. Furthermore, Li-Cycle and Glencore have revised terms of existing Glencore convertible notes, enhancing flexibility and aligning with future developments. This strategic partnership underscores Li-Cycle's commitment to sustainable battery recycling and marks a significant milestone in their growth trajectory.

Read More - https://www.techdogs.com/tech-news/business-wire/li-cycle-closes-75-million-strategic-investment-from-glencore