February 18, 2021: Li-Cycle, which says it is the largest lithium battery recycler in North America, on February 16 signed an agreement with Peridot Acquisition Corp to list on the New York Stock Exchange under the ticker symbol LICY.
The transaction, which is timetabled for completion in the second quarter of 2021, is expected to raise $615 million, which the company says will enable it to fully fund its planned global expansion.
Once completed, the combined company will be named ‘L-Cycle Holdings Corp’ and will be led by Ajay Kochhar, co-founder and CEO of Li-Cycle, and Tim Johnston, co-founder and executive chairman.
Li-Cycle, which was founded in 2016, says one of its commitments is to supply the ‘missing step’ of a truly sustainable ESG-friendly lithium battery cycling option.
“Legacy recycling technologies have largely relied on thermal operations, which can emit harmful emissions and result in lower recovery rates,” says the company. “Li-Cycle’s two-stage battery recycling model enables customers to benefit from a safe and environmentally friendly solution for recycling all types of lithium-ion materials.”
Li-Cycle’s recycling method uses decentralized facilities so that batteries can be mechanically processed close to sources of supply, While large-scale production is centralized to capitalize on economies of scale.
Alan Levande, chairman and CEO of Peridot, will join Li-Cycle’s board of directors.