Two-phase approach to the Portovesme Hub
project in Sardinia, Italy initiated to fast-track the production
of lithium carbonate to the first half of 2024
Phase 1 designed to process up to 11,000 tonnes
of black mass annually, in advance of the full-scale Phase 2
project, planned for 50,000 to 70,000 tonnes of expected annual
processing capacity
The capital efficient project further
strengthens Li-Cycle’s first mover advantage in Europe
Portovesme Hub will support EU target of
recycling at least 15% of critical raw materials (CRM) consumption
by 2030, as defined in the CRM Act
Li-Cycle Holdings Corp. (NYSE: LICY) (“Li-Cycle” or the
“Company”), a leading global lithium-ion battery resource recovery
company, and Glencore International AG, a wholly-owned subsidiary
of Glencore plc (LON: GLEN) ("Glencore"), a leading producer,
recycler, and marketer of nickel and cobalt which is required for
the production of lithium-ion batteries, announced plans for a
two-phase approach to the Portovesme Hub project in Sardinia, Italy
to expedite the production of battery-grade lithium carbonate.
Phase 1 is designed to process up to 11,000 tonnes of
black mass annually and, subject to receipt of all final regulatory
approvals and definitive agreements, is expected to start
operations in the first half of 2024, accelerating the recovery of
lithium carbonate and strengthening Li-Cycle’s first-mover
advantage in Europe. The capital efficient Phase 1 project is
expected to produce up to 1,500 tonnes of lithium carbonate, as
well as up to 3,000 tonnes of contained nickel and up to 500 tonnes
of contained cobalt per year.
The previously announced Portovesme Hub project plan (now
“Phase 2”) remains the same. The Company expects the
Phase 2 facility to have 50,000 to 70,000 tonnes of black
mass processing capacity, and to produce up to 16,500 tonnes of
lithium carbonate, as well as up to 18,000 tonnes of contained
nickel and 2,250 tonnes of contained cobalt per year. Phase 2 is
expected to be the final long-term plan and capacity for the
facility. The Portovesme Hub is being designed to be able to
process all forms of lithium-ion based black mass, including
lithium iron phosphate (LFP) materials.
“We are excited to accelerate our plans with Glencore to
establish clean, post-processing refining capacity for recycled
lithium-ion batteries in Europe,” said Tim Johnston, Li-Cycle’s
Executive Chair and co-founder. “Phase 1 of the Portovesme Hub is
expected to come online at unprecedented speed and to expedite the
pathway to create the largest source of sustainable recycled
battery-grade products on the continent to support a circular
lithium-ion battery supply chain. Li-Cycle continues to strengthen
its first mover advantage in Europe and support our growing
commercial customer base in qualifying for European Union
regulations with our local, sustainable recycled content.”
“The development of the Hub with Li-Cycle at Glencore’s
Portovesme site is progressing well, underpinned by strong
endorsement from multiple internal and external stakeholders,” said
Kunal Sinha, Global Head of Recycling for Glencore. “The project,
combined with our existing footprint in the primary supply, as well
as recycling of battery metals, is a core tenet of our ambition to
become the circularity partner of choice with Li-Cycle for the
European battery and EV industry. Specifically, this multi-phase
approach to the development of the Hub allows us to start to close
the loop for battery materials in Europe as early as the first half
of 2024, while we work towards designing and building Phase 2.”
The black mass processed at Phase 1 and Phase 2 is expected to
be supplied from Li-Cycle’s European Spoke recycling network and
Glencore’s commercial network. This strategic collaboration aims to
support the creation of a local, closed-loop battery supply chain.
Notably, Li-Cycle has recently commenced operations at its first
European Spoke in Germany, the largest Spoke in the Company’s
portfolio and one of the largest facilities of its kind on the
European continent.
Phase 1 and Phase 2 will utilize existing infrastructure and
equipment at Glencore’s existing Portovesme metallurgical complex
and leverage Li-Cycle’s innovative hydrometallurgical process to
produce critical battery materials, including nickel, cobalt and
lithium, from recycled battery content. By leveraging the existing
Portovesme facility, development plans are expected to be expedited
with lower capital costs.
Li-Cycle and Glencore anticipate forming a 50/50 joint venture
for the Portovesme Hub, which also contemplates competitive
long-term financing from Glencore to fund Li-Cycle’s share of the
capital investment. For Phase 1, Li-Cycle will provide technical
expertise and oversight, with Portovesme and other technical and
operational experts from the wider Glencore group directing the
build and operation. The Definitive Feasibility Study for Phase 2
is progressing well and is scheduled to be completed by mid-2024.
Subject to a final investment decision and receipt of all necessary
regulatory approvals, the full-scale Phase 2 Portovesme Hub is
expected to advance to construction and begin commissioning in late
2026 to early 2027.
About Li-Cycle Holdings Corp.
Li-Cycle (NYSE: LICY) is a leading global lithium-ion battery
resource recovery company and North America’s largest pure-play
lithium-ion battery recycler, with a rapidly growing presence
across Europe. Established in 2016, and with major customers and
partners around the world, Li-Cycle is on a mission to recover
critical battery-grade materials to create a domestic closed-loop
battery supply chain for a clean energy future. The Company
leverages its innovative, sustainable, and patent-protected Spoke
& Hub Technologies™ to provide a safe, scalable,
customer-centric solution to recycle all different types of
lithium-ion batteries.
Our Spoke & Hub Technologies™ are based on a
hydrometallurgical process that provides an environmentally
friendly and cost-effective alternative to pyrometallurgical
processing and traditional mining methods. At our Spokes, or
pre-processing facilities, we recycle battery manufacturing scrap
and end-of-life batteries to produce black mass, a powder-like
substance which contains a number of valuable metals, including
lithium, nickel, and cobalt. At our Hubs, or post-processing
facilities, we will process black mass to produce critical
battery-grade materials, including lithium carbonate, nickel
sulphate, and cobalt sulphate. For more information, visit
https://li-cycle.com/
Forward-Looking Statements
Certain statements contained in this press release may be
considered “forward-looking statements” within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995, Section 27A
of the U.S. Securities Act of 1933, as amended, Section 21 of the
U.S. Securities Exchange Act of 1934, as amended, and applicable
Canadian securities laws. Forward-looking statements may generally
be identified by the use of words such as “believe”, “may”, “will”,
“continue”, “anticipate”, “intend”, “expect”, “should”, “would”,
“could”, “plan”, “potential”, “future”, “target” or other similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters, although not all
forward-looking statements contain such identifying words.
Forward-looking statements in this press release include but are
not limited to statements about: the plans for a significant
European recycling Hub in Portovesme, Italy; the timeline for
achievement of various milestones in connection with Phase 1 and
Phase 2 of the Portovesme Hub project, including the receipt of all
relevant regulatory approvals, the start of Phase 1, the completion
of the Definitive Feasibility Study for Phase 2, and the start of
Phase 2; the expected capacity to process black mass and produce
lithium carbonate, contained nickel and contained cobalt at both
Phase 1 and Phase 2 of the project; the expectation that the
Portovesme Hub will support EU target of recycling at least 15% of
CRM consumption by 2030; the expectation that the project will
strengthen Li-Cycle’s first mover advantage in Europe; the
expectation that the black mass processed at Phase 1 and Phase 2
will be supplied from Li-Cycle’s European Spoke recycling network
and Glencore’s commercial network; and the expected formation of a
50/50 joint venture by Li-Cycle and Glencore for the Portovesme
Hub. These statements are based on various assumptions, whether or
not identified in this communication, including but not limited to
assumptions regarding the timing, scope and cost of Li-Cycle’s
projects; the processing capacity and production of Li-Cycle’s
facilities; Li-Cycle’s ability to source feedstock and manage
supply chain risk; Li-Cycle’s ability to increase recycling
capacity and efficiency; Li-Cycle’s ability to obtain financing on
acceptable terms; Li-Cycle’s ability to retain and hire key
personnel and maintain relationships with customers, suppliers and
other business partners; general economic conditions; currency
exchange and interest rates; compensation costs; and inflation.
There can be no assurance that such estimates or assumptions will
prove to be correct and, as a result, actual results or events may
differ materially from expectations expressed in or implied by the
forward-looking statements.
These forward-looking statements are provided for the purpose of
assisting readers in understanding certain key elements of
Li-Cycle’s current objectives, goals, targets, strategic
priorities, expectations and plans, and in obtaining a better
understanding of Li-Cycle’s business and anticipated operating
environment. Readers are cautioned that such information may not be
appropriate for other purposes and is not intended to serve as, and
must not be relied on, by any investor as a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability.
Forward-looking statements involve inherent risks and
uncertainties, most of which are difficult to predict and many of
which are beyond the control of Li-Cycle, and are not guarantees of
future performance. Li-Cycle believes that these risks and
uncertainties include, but are not limited to, the following:
Li-Cycle’s inability to economically and efficiently source,
recover and recycle lithium-ion batteries and lithium-ion battery
manufacturing scrap, as well as third party black mass, and to meet
the market demand for an environmentally sound, closed-loop
solution for manufacturing waste and end-of-life lithium-ion
batteries; Li-Cycle’s inability to successfully implement its
global growth strategy, on a timely basis or at all; Li-Cycle’s
inability to manage future global growth effectively; Li-Cycle’s
inability to develop the Rochester Hub, and other future projects
including its Spoke network expansion projects in a timely manner
or on budget or that those projects will not meet expectations with
respect to their productivity or the specifications of their end
products; Li-Cycle’s failure to materially increase recycling
capacity and efficiency; Li-Cycle may engage in strategic
transactions, including acquisitions, that could disrupt its
business, cause dilution to its shareholders, reduce its financial
resources, result in incurrence of debt, or prove not to be
successful; one or more of Li-Cycle’s current or future facilities
becoming inoperative, capacity constrained or if its operations are
disrupted; additional funds required to meet Li-Cycle’s capital
requirements in the future not being available to Li-Cycle on
acceptable terms or at all when it needs them; Li-Cycle expects to
continue to incur significant expenses and may not achieve or
sustain profitability; problems with the handling of lithium-ion
battery cells that result in less usage of lithium-ion batteries or
affect Li-Cycle’s operations; Li-Cycle’s inability to maintain and
increase feedstock supply commitments as well as securing new
customers and off-take agreements; a decline in the adoption rate
of EVs, or a decline in the support by governments for “green”
energy technologies; decreases in benchmark prices for the metals
contained in Li-Cycle’s products; changes in the volume or
composition of feedstock materials processed at Li-Cycle’s
facilities; the development of an alternative chemical make-up of
lithium-ion batteries or battery alternatives; Li-Cycle’s revenues
for the Rochester Hub are derived significantly from a single
customer; Li-Cycle’s insurance may not cover all liabilities and
damages; Li-Cycle’s heavy reliance on the experience and expertise
of its management; Li-Cycle’s reliance on third-party consultants
for its regulatory compliance; Li-Cycle’s inability to complete its
recycling processes as quickly as customers may require; Li-Cycle’s
inability to compete successfully; increases in income tax rates,
changes in income tax laws or disagreements with tax authorities;
significant variance in Li-Cycle’s operating and financial results
from period to period due to fluctuations in its operating costs
and other factors; fluctuations in foreign currency exchange rates
which could result in declines in reported sales and net earnings;
unfavorable economic conditions, such as consequences of the global
COVID-19 pandemic; natural disasters, unusually adverse weather,
epidemic or pandemic outbreaks, cyber incidents, boycotts and
geo-political events; failure to protect or enforce Li-Cycle’s
intellectual property; Li-Cycle may be subject to intellectual
property rights claims by third parties; Li-Cycle’s failure to
effectively remediate the material weaknesses in its internal
control over financial reporting that it has identified or if it
fails to develop and maintain a proper and effective internal
control over financial reporting. These and other risks and
uncertainties related to Li-Cycle’s business are described in
greater detail in the section entitled “Risk Factors” and “Key
Factors Affecting Li-Cycle’s Performance” in its Annual Report on
Form 20-F filed with the U.S. Securities and Exchange Commission
and the Ontario Securities Commission in Canada. Because of these
risks, uncertainties and assumptions, readers should not place
undue reliance on these forward-looking statements. Actual results
could differ materially from those contained in any forward-looking
statement.
Li-Cycle assumes no obligation to update or revise any
forward-looking statements, except as required by applicable laws.
These forward-looking statements should not be relied upon as
representing Li-Cycle’s assessments as of any date subsequent to
the date of this press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230918660608/en/
Investor Relations Nahla A. Azmy
Sheldon D’souza investors@li-cycle.com
Media Louie Diaz
media@li-cycle.com
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