Li-Cycle
Li-Cycle, founded in 2016, specializes in lithium-ion battery recycling with patented Spoke & Hub Technologies™ that achieve up to a 95% recovery rate of critical materials. The company operates multiple recycling facilities in North America and Europe, and its Rochester Hub is set to be the first commercial hydrometallurgical battery resource recovery facility in North America.
History of Li-Cycle
Li-Cycle was established in 2016 with the mission to create a closed-loop resource recovery system for lithium-ion batteries. Since its inception, the company has developed patented Spoke & Hub Technologies™ that enable the recovery of up to 95% of critical materials from lithium-ion batteries. The company's first commercial Spoke was fully commissioned in Kingston, Ontario, in July 2019 and has since expanded its operations across North America and Europe.
Li-Cycle's Spoke & Hub Technologies™
Li-Cycle's innovative Spoke & Hub Technologies™ are designed to maximize the recovery of valuable materials from lithium-ion batteries. The Generation 3 Spokes are capable of processing full electric vehicle (EV) battery packs without the need for dismantling or discharging. The Hubs are set to produce high-quality, battery-grade materials such as lithium carbonate. The Rochester Hub, when fully operational, is expected to process up to 35,000 tonnes of black mass annually.
Operational Spoke Facilities
Li-Cycle operates several Spoke recycling facilities in North America and Europe. Notable facilities include the Arizona Spoke, which started operations in May 2022, and the Alabama Spoke, which began operations in October 2022. The Germany Spoke, operational since August 2023, and the upgraded Ontario Spoke, processing 5,000 tonnes of lithium-ion batteries annually since May 2020, also play critical roles in the company’s resource recovery network.
Key Projects and Partnerships
Li-Cycle is engaged in multiple significant projects and partnerships to enhance its resource recovery capabilities. The Rochester Hub project aims to be the first commercial hydrometallurgical battery resource recovery facility in North America. The company has also partnered with Glencore to study the feasibility of a Hub refining and recovery facility in Portovesme, Italy. Additionally, Li-Cycle received a grant of up to €6.4 million for its Germany Spoke operations from the German state of Saxony-Anhalt.
Financial Performance
Li-Cycle reported a total revenue of $4.2 million for Q1 2024, marking a 17% increase from the same period in 2023. The company's cost of sales for Q1 2024 was $16.8 million, a 12% decrease compared to Q1 2023. As of March 31, 2024, Li-Cycle's cash and cash equivalents stood at $109.1 million. Through a $75 million senior secured convertible note issued to Glencore, Li-Cycle aims to further strengthen its long-term partnership with the company.