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Benzinga
Benzinga
Business
Akanksha Bakshi

Li-Cycle Enters Multi-Year Strategic Deal With LG; Secures $50M Equity Investment

  • Li-Cycle Holdings Corp (NYSE:LICY) plans to proceed with the construction of its first commercial Hub facility, being developed within the Eastman Business Park near Rochester, New York.
  • Li-Cycle will increase the input processing capacity of the Hub by over 40% and be able to process battery material equivalent to ~225,000 electric vehicles per year.
  • The company estimates that the Hub will require a total capital investment of ~$485 million (+/-15%), funded from existing balance sheet cash.
  • It held cash and equivalents of $2.4 million as of July 31, 2021.
  • Strategic Collaboration: Additionally, Li-Cycle entered a manufacturing scrap supply and nickel sulphate off-take agreement non-binding letter of intent with LG Chem, Ltd., and LG Energy Solution, Ltd. 
  • LG Chem and LG Energy Solution will make a $50 million equity investment in Li-Cycle at $11.32 per common share upon completing the commercial agreements by March 13, 2022. 
  • Li-Cycle will supply LG Chem and LG Energy Solution with 20,000 tonnes of nickel contained in nickel sulphate from its Rochester Hub facility over ten years, starting in 2023.
  • Price Action: LICY shares are trading lower by 4.06% at $11.10 on the last check Tuesday.
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