Li-Cycle recycled battery feedstock from U.S.
BESS partners in 2024 that was the equivalent to more than 100 MWh,
a 33% increase over the previous year
BESS plays a central role in meeting rapidly
growing electricity demand, including supporting growing data
center-related energy demand for artificial intelligence (AI)
technologies
Li-Cycle is an important ecosystem partner for
BESS through providing a safe recycling solution and recovering
critical materials, enabling reduced reliance on foreign mineral
supplies
Li-Cycle Holdings Corp. (NYSE: LICY) (“Li-Cycle” or the
“Company”), a leading global lithium-ion battery resource recovery
company, is pleased to partner with major battery energy storage
system (“BESS”) companies across the U.S. to provide expert
lithium-ion battery recycling services.
The Company’s BESS partners are an important part of Li-Cycle’s
recycling feedstock mix. In 2024, Li-Cycle recycled the equivalent
of more than 100 MWh of energy from its BESS partners, which was a
33% increase over the previous year. During Q4 2024, BESS accounted
for approximately 27% of the Company’s recycling feedstock in the
U.S.
The U.S. energy storage market is expected to almost double from
34.4 GWh in 2024 to approximately 67.5 GWh in 2028, largely driven
by grid-scale applications1. By recycling BESS and recovering
critical materials in the U.S., Li-Cycle supports domestic energy
independence and the onshoring of the energy supply chain.
“Li-Cycle’s BESS partnerships demonstrate how we can support the
electrical grid by providing a valuable service,” said Ajay
Kochhar, Li-Cycle President and CEO. “Data centers supporting
rapidly growing AI applications have become a leading driver of
electricity demand in the U.S.2. BESS is well suited to address the
swiftly growing energy needs of AI technologies through on-site
energy solutions and supporting grid stability. Li-Cycle is an
important BESS ecosystem partner as we provide a safe recycling
solution and also recover critical materials already in use at
commercial scale in the U.S., reducing reliance on foreign mineral
supplies.”
Two examples below illustrate the end-to-end value offering that
Li-Cycle delivers to its BESS partners:
Safely Recycling Hazardous Material for a BESS
Customer
Li-Cycle received and processed battery modules from a BESS
customer that were severely damaged. The modules were shipped as
hazardous waste, underscoring the critical need to process the
material quickly to maintain compliance and mitigate risk. All
modules were received and processed safely and quickly at
Li-Cycle’s Arizona Spoke, providing a strong level of service and
value-add to Li-Cycle’s BESS customer.
Helping an Environmental Services Company Meet an Urgent
Deadline
Li-Cycle assisted an environmental services company to receive
and recycle hundreds of tonnes of modules, which was the equivalent
of approximately 60 MWh, from a battery energy storage site.
Through the Company’s safe and efficient operational process,
Li-Cycle was able to empty and reuse crates while working against a
critical timeline to avoid impending winter weather that would
impact the energy storage site’s availability and working
conditions. Li-Cycle met the BESS customer’s urgent schedule,
enabling the timely completion of this large-scale project.
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/.
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”, “expect”, “should”, “plan”, “potential”, “future”, 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 that the U.S. energy storage market is
expected to almost double from 34.4 GWh in 2024 to approximately
67.5 GWh in 2028; the Company’s expectations that by recycling BESS
and recovering critical materials in the U.S., Li-Cycle will
support domestic energy independence and the onshoring of the
energy supply chain; and the Company’s plans to provide a safe
recycling solution and recover critical materials already in use at
commercial scale in the U.S., reducing reliance on foreign mineral
supplies.
These statements are based on various assumptions, whether or
not identified in this press release, including but not limited to
assumptions regarding Li-Cycle’s ability to satisfy the drawdown
conditions and access funding under the Company’s DOE loan
facility; the timing, scope and cost of Li-Cycle’s projects,
including paused 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 or at all; the success of Li-Cycle’s
cash preservation plan; the outcome of the go-forward strategy of
Li-Cycle’s Rochester Hub; and Li-Cycle’s ability to retain and hire
key personnel and maintain relationships with customers, suppliers
and other business partners. 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 fund the anticipated costs of, and realize
the anticipated benefits from, its Spoke optimization plan;
Li-Cycle’s inability to satisfy the drawdown conditions and access
funding under the DOE Loan Facility; 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; risk and uncertainties
related to Li-Cycle’s ability to continue as a going concern;
Li-Cycle’s insurance may not cover all liabilities and damages;
Li-Cycle’s reliance on a limited number of commercial partners to
generate revenue; 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; and risks of litigation or regulatory proceedings that
could materially and adversely impact Li-Cycle’s financial results.
These and other risks and uncertainties related to Li-Cycle’s
business are described in greater detail in the sections titled
“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 and the sections titled “Part II. Other Information—Item
1A. Risk Factors” and “Part I. Financial Information—Item 2.
Management’s Discussion and Analysis of Financial Condition and
Results of Operation—Key Factors Affecting Li-Cycle’s Performance”
in its Quarterly Reports on Form 10-Q, in each case filed with the
SEC 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.
________________________________ 1 Source: Wood Mackenzie. 2
Source: Grid Strategies.
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version on businesswire.com: https://www.businesswire.com/news/home/20250210188028/en/
Investor Relations & Media
Louie Diaz Sheldon D'souza
Investor Relations: investors@li-cycle.com Media:
media@li-cycle.com
Grafico Azioni Li Cycle (NYSE:LICY)
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Grafico Azioni Li Cycle (NYSE:LICY)
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