Canadian Deputy Prime Minister and Minister of
Finance, Chrystia Freeland, and Member of Parliament for Kingston
and the Islands, Mark Gerretsen, tour facility to see Li-Cycle’s
patented Spoke recycling technology in action
Li-Cycle Holdings Corp. (NYSE: LICY) (“Li-Cycle” or the
“Company”), a leading global lithium-ion battery resource recovery
company, was pleased to host Chrystia Freeland, Canada’s Deputy
Prime Minister and Minister of Finance, and Mark Gerretsen, Member
of Parliament for Kingston and the Islands, yesterday at the
Company’s lithium-ion battery recycling facility located in
Kingston, Ontario.
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Canada's Deputy Prime Minister and
Minister of Finance Chrystia Freeland (left), Li-Cycle co-founder
and CEO Ajay Kochhar (middle), and Member of Parliament Mark
Gerretsen (right) tour Li-Cycle's lithium-ion battery recycling
facility in Kingston, Ontario. (Photo: Business Wire)
During the visit, the leaders were joined by Li-Cycle’s
co-founder and CEO Ajay Kochhar, and CFO Debbie Simpson, to tour
the facility. They also discussed the Company’s patented Spoke
& Hub recycling technologies and the important role sustainable
recycling plays in creating a circular battery supply chain.
“Building Canada’s clean economy is about creating great careers
for Canadians from coast to coast to coast. Companies like Li-Cycle
are playing an essential role in supporting stronger and more
sustainable supply chains—and they are a source of great jobs at
the same time,” said the Honourable Chrystia Freeland, Deputy Prime
Minister and Minister of Finance. “It was great to be here in
Kingston to learn more about the important work they do, as our
government continues working hard to build a thriving clean economy
right across the country."
“We are honoured to have hosted Canada’s Deputy Prime Minister
Chrystia Freeland and MP Mark Gerretsen at our Ontario Spoke
facility to showcase our safe, sustainable, and efficient
lithium-ion battery recycling technology,” said Ajay Kochhar,
co-founder and CEO of Li-Cycle. “We were pleased to show how
Li-Cycle’s innovative technologies can support local, closed-loop
battery supply chains in Canada and the United States by recovering
critical battery-grade materials. We believe sustainable recycling
solutions will be pivotal in the global movement towards
electrification and decarbonatization.”
Li-Cycle’s Ontario Spoke safely recycles battery materials
through a proprietary submerged shredding process to produce ‘black
mass,’ an intermediate product which contains highly valuable
metals, including lithium, nickel, and cobalt. Li-Cycle’s growing
Spoke and Hub network will enhance the supply of critical battery
materials to help to expedite the transition to a clean energy
future.
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. 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: Li-Cycle’s ability to support
local, closed-loop battery supply chains in Canada and the United
States by recovering critical battery grade-materials; the
expectation that sustainable recycling solutions will be pivotal in
the global movement towards electrification and decarbonatization;
and Li-Cycle’s ability to provide a safe, scalable,
customer-centric solution to recycle all different types of
lithium-ion batteries. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20231006426754/en/
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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