Battery recycling firm Li-Cycle Holdings Corp. LICY-N said on Tuesday it has secured an additional US$75-million investment through a convertible note from Swiss miner and commodities trader Glencore PLC.
Shares of the Toronto-based company jumped 33 per cent to 54 US cents.
Glencore had announced an investment of US$200-million into Li-Cycle in 2022 through the purchase of a convertible note, as a strategic commercial partnership to supply both primary and recycled critical battery materials globally.
“We are pleased to secure an additional US$75-million investment from Glencore, following Glencore’s June, 2022, investment, to improve our liquidity position while we continue our ongoing comprehensive review process,” said Ajay Kochhar, chief executive officer of Li-Cycle Holdings.
Li-Cycle had said in November it will evaluate financing and strategic alternatives as the company with grappled liquidity issues amid construction of its flagship battery recycling facility in Rochester, N.Y.