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, is pleased to announce that its CEO and co-founder, Ajay
Kochhar, provided expert insights yesterday before the United
States Senate Committee on Environment and Public Works for a
hearing called, “Improving Capacity for Critical Mineral Recovery
through Electronic Waste Recycling and Reuse.”
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the full release here:
https://www.businesswire.com/news/home/20230727531947/en/
Li-Cycle’s CEO and co-founder Ajay
Kochhar was invited to provide expert testimony on electronic waste
and battery recycling solutions before the U.S. Senate Committee on
Environment and Public Works on July 26, 2023. (Photo: Business
Wire)
Mr. Kochhar was invited to provide expert insights at the
hearing as key industry leaders and government officials discussed
the important topic of electronic waste, or e-waste, and solutions
to solve for challenges presented by the transition to clean energy
in North America.
“Li-Cycle was proud to have the opportunity to share our
perspective on e-waste and battery recycling at the Senate
Committee hearing, which is indicative of the progress the U.S. has
made to solve for the substantial quantities of e-waste that both
end-of-life batteries and battery manufacturers will produce in the
coming years,” said Ajay Kochhar, Li-Cycle’s CEO and co-founder. “I
would like to extend our gratitude and thanks to Chairman Tom
Carper, Ranking Member Shelley Moore Capito and the other members
of the committee and commend them for holding a hearing to exchange
views on lithium-ion battery recycling and how we can mitigate
challenges associated with e-waste. Li-Cycle was founded to create
localized, closed-loop supply chains for battery materials to
support the sustainable transition to electrification. Increasing
awareness of recycling solutions is key to help address e-waste to
support this transition, in addition to establishing policies and
incentives to support environmentally friendly recyclers.”
At the hearing Mr. Kochhar discussed the following topics:
- How Li-Cycle’s safe, sustainable, and scalable Spoke & Hub
Technologies™ return critical materials from lithium-ion batteries
and battery manufacturing scrap back to the supply chain with up to
an overall 95% recycling efficiency rate to support a circular
economy.
- Battery manufacturing scrap and how it is magnified by the
clean energy transition, which further enhances the need for
environmentally friendly recycling solutions.
- The landscape for the broader recycling industry and how the
demand for post-processing and resource recovery will outstrip
capacity in North America for some time.
- The significant benefits lithium-ion battery recycling can
offer to support a domestic battery supply chain, including
providing a valuable alternative source of materials, as well as a
long-term, environmentally friendly solution to address
e-waste.
- Key policy initiatives that can be taken to support the
emerging lithium-ion battery recycling industry, including
exploring whether there should be minimum requirements for the
amount of recycled content in every domestically produced battery,
and clear and consistent regulations on the movement of batteries
and black mass.
Watch the full webcast of the hearing here:
https://www.epw.senate.gov/public/index.cfm/2023/7/improving-capacity-for-critical-mineral-recovery-through-electronic-waste-recycling-and-reuse
Read Mr. Kochhar’s full written testimony at this
LINK.
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. The Company leverages its innovative, sustainable
and patented Spoke & Hub Technologies™ to provide a safe,
scalable, customer-centric solution to recycle all different types
of lithium-ion batteries. Established in 2016, and with major
customers and partners around the world, Li-Cycle recovers critical
battery-grade materials to create a domestic closed-loop battery
supply chain for a clean energy future. 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 expectation that increasing
awareness of recycling solutions is key to help address e-waste to
support the sustainable transition to electrification, in addition
to establishing policies and incentives to support environmentally
friendly recyclers; the expectation that the demand for
post-processing/resource recovery will outstrip capacity in North
America for some time; and the expectation that lithium-ion battery
recycling can provide a valuable alternative source of materials,
as well as long-term, environmentally friendly solution to address
e-waste. 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/20230727531947/en/
Investor Relations Nahla A. Azmy
Sheldon D’souza investors@li-cycle.com
Media Louie Diaz
media@li-cycle.com
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