Li-Cycle Holdings has finalised long-term commercial agreements with Glencore as the latter closed its previously announced $200 million investment in the recycling firm through the purchase of a five-year convertible note.
Glencore’s investment bolsters Li-Cycle’s ability to complete its pipeline of Spoke and Hub recycling facilities in the US.
The company also announced that Kunal Sinha, Glencore’s head of recycling, has been appointed to Li-Cycle’s board of directors.
Glencore supplies primary metals for lithium-ion batteries, including cobalt and class I nickel.
With the commercial agreements in place, Glencore will become a partner to source battery feedstock for Li-Cycle’s Spoke facilities, as well as black mass and sulphuric acid for Li-Cycle’s Hub facilities.
Glencore will also complement Li-Cycle’s existing partners through off-take and marketing of the Canadian-based company’s battery-grade end products and certain by-products produced at the Spoke and Hub facilities.
