Li-Cycle continues to support DTNA on its goal
of integrating a comprehensive circular economy approach across its
operations
Li-Cycle Holdings Corp. (NYSE: LICY) (“Li-Cycle” or the
“Company”), a leading global lithium-ion battery resource recovery
company, is proud to support Daimler Truck North America (DTNA) on
its goal to integrate a comprehensive circular economy approach
across its operations to reduce its carbon footprint.
Li-Cycle and DTNA have a partnership to recycle lithium-ion
batteries from DTNA electric vehicles that reach the end of their
life cycle. Recycling lithium-ion batteries is part of DTNA’s plans
to maximize battery lifespans and reduce material waste to tackle
global sustainability challenges. DTNA’s strategy emphasizes
repairing, remanufacturing, repurposing, and recycling lithium-ion
battery materials.
“We are proud to partner with companies such as DTNA to support
their sustainability and carbon reduction goals,” said Ajay
Kochhar, Li-Cycle President and CEO. “Our environmentally friendly
and safe recycling technologies can recover critical materials to
help create a domestic closed-loop battery supply chain, giving new
life to these battery materials and helping power the world’s
transition to clean energy.”
About Li-Cycle Holdings Corp.
Li-Cycle (NYSE: LICY) is a leading global lithium-ion battery
resource recovery company. Established in 2016, and with major
customers and partners around the world, Li-Cycle’s mission is 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 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
future Hubs, or post-processing facilities, we plan to process
black mass to produce critical battery-grade materials, including
lithium carbonate, for the lithium-ion battery supply chain. For
more information, visit https://li-cycle.com/.
About Daimler Truck North America
Daimler Truck North America LLC, headquartered in Portland,
Oregon, is a leading provider of comprehensive products and
technologies for the commercial transportation industry. Daimler
Truck North America designs, engineers, manufactures and markets
medium- and heavy-duty trucks, school buses, vehicle chassis and
their associated technologies and components under the
Freightliner, Western Star, Thomas Built Buses, Freightliner Custom
Chassis Corp and Detroit brands. Daimler Truck North America is a
subsidiary of Daimler Truck Holding AG (DTG), one of the world’s
leading commercial vehicle manufacturers.
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 continued support for
DTNA on its goal of integrating a comprehensive circular economy
approach across its operations and DTNA’s plans to maximize battery
lifespans and reduce material waste to tackle global sustainability
challenges. These statements are based on various assumptions,
whether or not identified in this communication, including but not
limited to assumptions regarding the processing capacity and
production of Li-Cycle’s facilities. 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 as anticipated or at all,
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 history of
losses and expected significant expenses for the foreseeable future
as well as additional funds required to meet Li-Cycle’s liquidity
needs and capital requirements in the future not being available to
Li-Cycle on acceptable terms or at all when it needs them; risk and
uncertainties related to Li-Cycle’s ability to continue as a going
concern; uncertainty related to the success of Li-Cycle’s Cash
Preservation Plan and related past and expected near-term further
significant workforce reductions; Li-Cycle's inability to attract,
train and retain top talent who possess specialized knowledge and
technical skills; Li-Cycle’s failure to oversee and supervise
strategic review of all or any of Li-Cycle’s operations and capital
project and obtain financing and other strategic alternatives;
Li-Cycle’s ability to service its debt and the restrictive nature
of the terms of its debt; Li-Cycle's potential engagement 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 disrupted,
or lacking sufficient feed streams to remain in operation; the
potential impact of the pause in construction of the Rochester Hub
on the authorizations and permits granted to Li-Cycle for the
operation of the Rochester Hub and the Spokes on pause; the risk
that the New York state and municipal authorities determine that
the permits granted to Li-Cycle for the production of metal
sulphates at the Rochester Hub will be impacted by the change to
MHP and the reduction in scope for the project; Li-Cycle's failure
to materially increase recycling capacity and efficiency; 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
secure 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 expected
revenues for the Rochester Hub are expected to be derived
significantly from a limited number of customers; uncertainty
regarding the sublease agreement with Pike Conductor Dev 1, LLC
related to the construction, financing and leasing of a warehouse
and administrative building for the Rochester Hub; 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 may be subject to
cybersecurity attacks, including, but not limited to, ransomware;
Li-Cycle’s failure to effectively remediate the material weaknesses
in its internal control over financial reporting that it has
identified or its failure to develop and maintain a proper and
effective internal control over financial reporting; the potential
for Li-Cycle’s directors and officers who hold Company common
shares to have interests that may differ from, or be in conflict
with, the interests of other shareholders; and risks related to
adoption of Li-Cycle’s shareholder rights plan and amendment to the
shareholder rights plan and the volatility of the price of
Li-Cycle’s common shares. These and other risks and uncertainties
related to Li-Cycle’s business are described in greater detail in
the section entitled "Item 1A. Risk Factors" and “Item 7.
Management’s Discussion and Analysis of Financial Condition and
Results of Operation—Key Factors Affecting Li-Cycle’s Performance”
in its Annual Report on Form 10-K 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/20240530143182/en/
Investor Relations & Media
Louie Diaz Sheldon D'souza
Investor Relations: investors@li-cycle.com Media:
media@li-cycle.com
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