Li-Cycle Holdings Corp. (NYSE: LICY) (“Li-Cycle” or the
“Company”), an industry leader in lithium-ion battery resource
recovery and the leading lithium-ion battery recycler in North
America, was honoured to host U.S. Secretary of Energy, Jennifer
Granholm, and U.S. Senator, Mark Kelly, at the Company’s
lithium-ion battery recycling facility located in Gilbert,
Arizona.
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Left to right: Christopher Moon,
Li-Cycle’s Arizona Spoke Plant Manager, Ajay Kochhar, Li-Cycle’s
CEO and co-founder, Secretary Jennifer Granholm, U.S. Department of
Energy, and Mark Kelly, U.S. Senator of Arizona, gather at
Li-Cycle's lithium-ion battery recycling facility in Gilbert,
Arizona, observing a collection of consumer batteries prepared for
recycling. (Photo: Business Wire)
During the visit, Secretary Granholm and Senator Kelly were
joined by Li-Cycle’s co-founder and CEO, Ajay Kochhar, as they
toured Li-Cycle’s Spoke facility and observed lithium-ion batteries
being recycled through Li-Cycle’s patented submerged shredding
process. Li-Cycle’s Arizona Spoke utilizes technology to directly
process full electric vehicle (EV) batteries and energy storage
batteries. The leaders discussed the importance of Li-Cycle’s safe
and environmentally friendly Spoke & Hub Technologies™, which
play a key role in building a cleaner, domestic lithium-ion battery
supply chain in the U.S.
“The Biden-Harris administration has a vision for a clean energy
economy that is powered by American workers, innovators, and
entrepreneurs,” said Secretary Jennifer Granholm, U.S. Department
of Energy. “Companies like Li-Cycle are helping to strengthen our
energy security and advance the next generation of battery
manufacturing and recycling technologies – bringing Arizona and the
nation one step closer to reaching our climate goals.”
“Clean energy leaders like Li-Cycle are bringing jobs back to
states like Arizona and reducing our reliance on foreign sources of
the critical minerals that power our modern economy,” said U.S.
Senator of Arizona, Mark Kelly. “I appreciate the opportunity to
see their technology firsthand alongside Secretary Granholm and
look forward to continuing the work to boost our clean energy
manufacturing and production.”
“We were excited to have hosted Secretary Granholm and Senator
Kelly at our Spoke recycling facility in Arizona,” said Ajay
Kochhar, co-founder and CEO of Li-Cycle. “The southwestern region
of the U.S. is experiencing rapid growth as part of North America’s
broader battery supply chain, and we look forward to continuing to
utilize our patented technology to sustainably recycle lithium-ion
batteries in the region. Arizona provides significant opportunities
for Li-Cycle as the state continues to lead as a clean technology
hub and leading battery marketplace. We are excited to continue
supporting local jobs and the growth of Arizona’s clean tech
industry.”
Li-Cycle’s Arizona Spoke commenced operations in May 2022 and
has total processing capacity of 18,0001 tonnes of lithium-ion
battery material per year, with permitted future expansion
potential, including flexibility to expand with a second main line.
In addition to being a strategic location for Li-Cycle’s Spoke,
close to commercial customers for the sustainable supply of battery
materials, Gilbert has a highly talented work force and existing
infrastructure that benefits the Company’s operations. Li-Cycle
continues to strengthen its working relationships with the local
community, partnering with several organizations, such as the
Arizona Commerce Authority, the Greater Phoenix Economic Council,
and many more. Li-Cycle employs approximately 45 people in
Arizona.
Li-Cycle recently received a conditional commitment for a loan
of $375 million from the U.S. Department of Energy’s Advanced
Technology Vehicles Manufacturing program to support the
development of its first Hub (“Rochester Hub”) resource recovery
facility, which is under development in Rochester, New York. The
Company is on track to close the transaction in mid-2023.
The Rochester Hub is on track to start commissioning in late
2023. The facility is designed to process up to 35,000 tonnes of
black mass per year, including black mass generated by the Arizona
Spoke, sufficient for up to 225,000 electric vehicles. In addition
to the production of battery-grade nickel and cobalt sulphate, the
Rochester Hub is expected to be the first source of recycled
battery-grade lithium carbonate in North America.
About Li-Cycle Holdings Corp.
Li-Cycle (NYSE: LICY) is on a mission to leverage its innovative
Spoke & Hub Technologies™ to provide a customer-centric,
end-of-life solution for lithium-ion batteries, while creating a
secondary supply of battery-grade materials. Lithium-ion
rechargeable batteries are increasingly powering our world in
automotive, energy storage, consumer electronics, and other
industrial and household applications. The world needs improved
technology and supply chain innovations to better manage battery
manufacturing waste and end-of-life batteries and to meet the
rapidly growing demand for critical and scarce battery-grade raw
materials through a closed-loop solution. 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: Li-Cycle’s expectation that it
will continue to utilize its patented technology to sustainably
recycle lithium-ion batteries in the region; the expected
opportunities for Li-Cycle in Arizona; the expectation that
Li-Cycle will continue to support local jobs and the growth of
Arizona’s clean tech industry; the statements regarding the
permitted future expansion potential of Li-Cycle’s Arizona Spoke;
the expectation that Li-Cycle will receive a loan of up to $375
million from the DOE, and that the transaction will close in
mid-2023; the expectation that the Rochester Hub will start
commissioning in late 2023, that it will produce battery-grade
nickel and cobalt sulphate, and that it will be the first source of
recycled battery-grade lithium carbonate in North America. 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.
____________________________ 1 Total processing capacity
includes main line and ancillary processing.
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Investor Relations Nahla A. Azmy
Sheldon D’souza investors@li-cycle.com Media Louie Diaz media@li-cycle.com
Li Cycle (NYSE:LICY)
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