Lithium-ion battery recycling firm Li-Cycle Holdings Corp. is teaming up with Glencore as the mining giant expands its stake in the EV battery supply chain.
Glencore will invest $200 million in the company as well as designate Li-Cycle its preferred lithium-ion battery recycling partner worldwide, said Li-Cycle. The Toronto-based recycling firm has developed a process for breaking down end-of-life batteries and extracting their valuable metals for reuse.
Both companies have key EV-related business with General Motors. Glencore supplies cobalt for GM's batteries and Li-Cycle is a partner with GM at its battery production campus being built in Warren, Ohio.
“Bringing our complementary capabilities together will accelerate the path to a circular economy for critical materials in the lithium-ion battery supply chain,” Li-Cycle CEO Ajay Kochhar said in a statement on Thursday.