Glencore, a Swiss commodity trader, extends support to Li-Cycle, a Canadian battery recycler, with an additional $75 million investment. Li-Cycle, Glencore’s preferred circularity partner, received $200 million in convertible bonds from Glencore in 2022.

Based in Baar, Switzerland, Glencore solidifies its alliance with Li-Cycle, known for recycling nickel and cobalt for lithium ion batteries. This recent investment of $75 million adds to Glencore’s commitment towards sustainable battery materials.

Li-Cycle, operating from Toronto, Canada, relies on Glencore for battery materials in its Spoke facilities. These facilities process lithium-ion batteries, generating essential components like black mass. Glencore’s future role includes supplying black mass and key reagents for Li-Cycle’s Hub facilities, set to extract recycled battery materials.

Ajay Kochhar, CEO of Li-Cycle, views Glencore’s investment as crucial for enhancing liquidity amidst ongoing financial evaluations. Kunal Sinha, Glencore’s Global Head of Recycling, highlights their joint efforts in establishing a sustainable battery circularity platform.

This collaboration, initiated in 2022, aims to revolutionize lithium-ion battery recycling. As Li-Cycle navigates financial challenges, including a recent pause in construction and compliance issues, Glencore’s investment provides vital support.

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