Metals and fossil fuels giant Glencore is investing $200 million in Li-Cycle battery recycling facility as part of a larger symbiotic supply deal signed by the two firms.
Under the new deal, the Swiss materials giant will ship burned-out batteries and waste to Li-Cycle, which will recover high-demand metals so they can be reused in electric vehicle batteries and other applications.
Li-Cycle uses a “spoke and hub” approach to material recovery. At their beam facilities, they grind up spent batteries and use a water-based system to start breaking them down. This method, known as hydrometallurgical recycling, uses less energy than pyrometallurgical recycling, the other major method that basically melts batteries. While the hydrometallurgical approach can also recover more minerals, one of its drawbacks is that it produces more wastewater that needs to be treated.
From its spokes, Li-Cycle sends a substance known as black mass to central plants for further processing. There, she separates the black mass into various materials, including those that can be used to make new lithium-ion batteries.
Glencore will supply Li-Cycle black stock for both recycling and scrap production. Securing a supply of scrap metal can be beneficial for a startup as it is easier to recycle than whole batteries.
Li-Cycle stock jumped nearly 9% to a high of $7.89 a share during regular trading hours after the convertible financing deal was revealed. The six-year-old recycling firm debuted on the New York Stock Exchange last August, raking in $1.55 billion. SPAK merge. In addition to $200 million from Glencore, the battery recycling company recently received additional $50 million from LG and $100 million from the infamous fossil fuel producer Koch Industries.
This is stated in the message Glencore for investors. at the end of last year that it intends to expand its recycling operations around the world, a change for a company better known for mining ore than removing waste from landfills. The mining giant says the move should help reduce the carbon intensity of its materials. Glencore has stated that it aims to achieve zero emissions by 2050.
Credit: techcrunch.com /