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Peridot Acquisition Corp. SPAC Merger Partner, Li-Cycle, Reports Deal With Ultium Cells LLC For Recycling Of Battery Manufacturing Scrap

Li-Cycle Corp. (“Li-Cycle” or “the Company”), an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America, today announced an

05/11/2021 08:15

Li-Cycle Corp. (“Li-Cycle” or “the Company”), an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America, today announced an agreement with Ultium Cells LLC (“Ultium”), a joint venture of General Motors (“GM”) and LG Energy Solution (“LGES”), to recycle up to 100% of the scrap generated by battery cell manufacturing at Ultium’s Lordstown, Ohio battery cell plant. Li-Cycle will recover the raw materials contained in the scrap, transforming them into valuable products and helping contribute to the circular economy.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210511005683/en/

Li-Cycle/Ultium Infographic (Photo: Business Wire)

Li-Cycle/Ultium Infographic (Photo: Business Wire)

As North America’s electric vehicle (EV) production ramps up, Li-Cycle believes this recycling partnership will be an essential piece in closing the battery supply chain loop and enabling sustainable production of new EV batteries. When fully operational in 2022, the $2.3 billion Ultium Cells LLC plant in Lordstown will span three million-square-feet, with annual capacity of approximately 35 gigawatt hours. Li-Cycle will enable Ultium Cells LLC to expand the materials it currently recycles and will play a key role in recycling efforts similar to joint venture partner GM’s zero-waste initiative by rerouting battery manufacturing scrap back into the supply chain through this multi-year contract.

"We strive to make more with less waste and energy expended," said Thomas Gallagher, chief operating officer, Ultium Cells LLC. "This is a crucial step in improving the sustainability of our components and manufacturing processes."

"Our efforts with Ultium Cells LLC will be instrumental in redirecting battery manufacturing scrap from landfills and returning a substantial amount of valuable battery grade materials back into the battery supply chain," said Ajay Kochhar, Li-Cycle’s president, CEO, and co-founder. "This partnership is a critical step forward in advancing our proven lithium-ion resource recovery technology as a more sustainable alternative to mining."

Using Li-Cycle’s patented Spoke & Hub Technologies at facilities in the United States, Li-Cycle will transform Ultium’s battery manufacturing scrap into new battery-grade materials, including lithium carbonate, cobalt sulphate, and nickel sulphate, as well as other recycled materials that can be returned to the economy.

"GM's zero-waste initiative aims to divert more than 90 percent of its manufacturing waste from landfills and incineration globally by 2025," said Ken Morris, GM vice president of Electric and Autonomous Vehicles. "Now, we're going to work closely with Ultium Cells and Li-Cycle to help the industry get even better use out of the materials."

On February 16, 2021, Li-Cycle announced its entry into a definitive business combination agreement with Peridot Acquisition Corp. (NYSE:PDAC) (“Peridot”). Upon the closing of the business combination, which is expected in the second quarter of 2021, the combined company will be named Li-Cycle Holdings Corp. (“Newco”). Li-Cycle intends to apply to list the common shares of the combined company on the New York Stock Exchange under the new ticker symbol, “LICY.”