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Li-Cycle Holdings Corp. raises USD 75 million in convertible notes to improve liquidity
Waste Recovery & Management Tech
Mar 12, 2024
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Waste Recovery & Management Tech

Waste Recovery & Management Tech

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Mar 12, 2024

Li-Cycle Holdings Corp. raises USD 75 million in convertible notes to improve liquidity

Funding

  • Li-Cycle Holdings Corp, a Canadian lithium-ion battery manufacturer and recycler, has announced that it will issue a senior secured convertible note worth USD 75 million to an affiliate of Glencore, a metals and mining firm. This follows Glencore's earlier investment of USD 200 million in June 2022.

  • The funding is aimed at improving Li-Cycle’s financial stability and is part of an ongoing comprehensive review process. This investment also strengthens the existing long-term strategic partnership between the two companies.

  • Analyst QuickTake: Li-Cycle’s partnership with Glencore also extends to a European battery recycling hub in Sardinia which would experience delays as announced in October 2023 . The company’s strategic review comes in the wake of this setback and other delays to its spoke and hub projects across Europe and Rochester, New York.

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