Skip to main content

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.

Follow related authors and topics

Authors and topics you follow will be added to your personal news feed in Following.

Interact with The Globe