LICY - Li-Cycle Provides Follow up to $75 Million Investment from Glencore

2024-03-19 09:03:03 ET

DENVER, Colo., Mar 19, 2024 ( 247marketnews.com )- Li-Cycle Holdings Corp. (NYSE: LICY ) provided, after yesterday’s market close, a business update to its previously announced $75 million strategic investment from Glencore and amended existing convertible note, which is expected to close on or about March 25.

“Since embarking on our comprehensive review, we are pleased to report significant progress, including improving our current liquidity position and conducting an internal technical review of the Rochester Hub. We recently announced $75 million of strategic financing from Glencore to enhance our liquidity position and further build on our long-term strategic partnership,” said Ajay Kochhar, Li-Cycle’s President and Chief Executive Officer.

“Additionally, as part of our internal technical review of the Rochester Hub project, we confirmed the technical viability of producing lithium carbonate and mixed hydroxide precipitate (“MHP”). We also continue to work closely with the DOE on the conditional commitment for a loan of up to $375 million. We believe the strategic value of the Rochester Hub is underpinned by strong industry fundamentals driving robust demand for domestic sources of critical battery materials.”

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