Li-Cycle Holdings Corp. (LICY, Financials) entered into an exclusive agreement with a European electric vehicle manufacturer to recycle lithium-ion battery materials at its Germany Spoke, according to a statement from the company.
Li-Cycle noted in the release that the partnership offers extra feedstock from an electric car manufacturing plant inside the European Union.
According to the firm, the arrangement is a part of its efforts to increase its commercial activities in the area and include more battery recycling sources into its system. Li-Cycle claimed the Germany Spoke processes manufacturing trash and old lithium-ion batteries to create black mass, a substance including lithium, nickel, and cobalt, which can subsequently be refined into battery-grade components. The business included these specifics in its release.
Launched to process battery materials and create a closed-loop supply chain, Li-Cycle stated it developed Spoke & Hub Technologies. The firm said that whereas future Hub sites would concentrate on refining black mass into battery-grade lithium carbonate, its Spokes act as pre-processing facilities.
Li-Cycle explained the most recent alliance as part of its larger plan to build ties with producers of electric cars and expand availability of recycled battery resources. The business said that this development fits industry initiatives to provide environmentally friendly methods of battery disposal.
Founded in 2016, Li-Cycle claims to run several Spoke stores around and intends to keep growing its network. According to its statement, the business underlined that this partnership is meant to help its aim of raising material recovery for electric car batteries and expanding battery recycling capability.
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