GM supplier Glencore to invest $200M in GM battery recycling partner Li-Cycle
The recycling company is currently building out its North American recycling network, with construction under way on a series of battery shredding sites, as well as a “hub” in Rochester, N.Y. The company’s hub will receive shredded battery material, known as black mass, from locations across Canada and the U.S. and prepare the lithium, nickel and cobalt it contains for reuse in new batteries.
Li-Cycle said the $200 million investment will improve its cash position, giving it ample reserves to finish construction on the series of projects and fund ongoing operations.
The partnership also covers supply agreements for a range of materials.
Glencore, for instance, will supply Li-Cycle with black mass from manufacturing scrap and spent batteries, and receive a portion of the battery-grade materials and other by-products Li-Cycle produces.