Money Control Place
  • Politics
  • Business
  • Stocks
  • Investing
  • Politics
  • Business
  • Stocks
  • Investing

Money Control Place

Investing

Battery Recycler Li-Cycle Secures US$75 Million Investment from Glencore

by March 16, 2024
March 16, 2024
Battery Recycler Li-Cycle Secures US$75 Million Investment from Glencore

In a move toward making battery production more sustainable, Swiss mining conglomerate Glencore (LSE:GLEN,OTC Pink:GLCNF) has announced a US$75 million investment in Li-Cycle Holdings (NYSE:LICY).

The investment underscores Glencore’s commitment to promoting circularity within the battery materials space and further solidifies its partnership with Li-Cycle, a lithium-ion battery resource recovery company.

Glencore made an initial US$200 million investment in Li-Cycle in June 2022, designating the company as one of its preferred recycling partners and laying the foundation for a long-term partnership.

This week’s agreement amends the convertible note that Glencore purchased from Li-Cycle at that time.

Under the new deal, Glencore will purchase a senior secured convertible note from Li-Cycle with an aggregate principal amount of US$75 million. It is structured to mature on the fifth anniversary of the closing date, and is convertible into common shares of Li-Cycle at an initial conversion price of US$0.53 per share.

The liquidity injection from Glencore comes after Li-Cycle paused construction of its Rochester Hub project in October 2023. Due to rising costs, the company decided to take a step back to re-evaluate its approach. While the initial budget was set at US$560 million, Li-Cycle said in November 2023 that costs could range from US$850 million to US$1 billion.

Li-Cycle also said at the time that it is actively engaged in working with the US Department of Energy (DOE) to satisfy the conditions for closing a loan for gross proceeds of up to US$375 million.

In Tuesday’s (March 12) announcement, Li-Cycle CEO Ajay Kochhar said Glencore’s investment will support the company’s ongoing review of Rochester, and confirmed that it continues to communicate with the DOE.

“We are pleased to secure an additional $75 million investment from Glencore, following Glencore’s June 2022 investment, to improve our liquidity position while we continue our ongoing comprehensive review process,’ he said.

Li-Cycle’s share price surged following the news, rising as high as US$0.85 on Thursday (March 14).

Battery recycling plays a pivotal role in mitigating environmental impact and reducing reliance on primary resource extraction. As demand for electric vehicle batteries continues to surge, recycling initiatives are becoming increasingly crucial in minimizing waste and conserving valuable resources.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com
0
FacebookTwitterGoogle +Pinterest
previous post
Mining Leaders Call on Canada to Support Critical Minerals Industry
next post
How To Profit From Bullish Gap-Down Reversals

Related Posts

Crypto Market Recap: Strategy Eyes US$1 Billion Capital...

June 7, 2025

Top 10 Countries for Natural Gas Production (Updated...

April 6, 2024

McEwen, Meding: Gold Pausing Before Lift Off, Copper...

June 14, 2023

Toggle3D.ai Integrates With Sketchfab Offering New Unlimited AI-Generated...

August 19, 2023

Greenlane Renewables Announces $35.3 Million System Supply Contract...

October 10, 2023

Exceptional Uranium Results at Lyndon – 6,612ppm U3O8

April 22, 2024

Rick Rule: I Was Early on Uranium, Here’s...

January 25, 2024

Nickel Price Update: Q1 2025 in Review

April 23, 2025

Editor’s Picks: Gold Faces Bumpy Week on Trade...

June 1, 2025

5 Top Weekly TSXV Stocks: Spruce Ridge Resources...

February 26, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • S&P 500 Breaking Out Again: What This Means for Your Portfolio

    • Gold’s Meteoric Rise: Can the Price Break US$4,000 in 2025?

    • COB: Repayment of Promissory Note

    • Lo Herma Resource Drilling Timing Confirmed

    • Reinstatement to Quotation

    • Tariff Talks: Swiss Propose Investment in US Gold Refining

    Categories

    • Business (1,395)
    • Investing (2,975)
    • Politics (3,699)
    • Stocks (1,807)
    • Uncategorized (20)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: MoneyControlPlace.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 moneycontrolplace.com | All Rights Reserved