Li-Cycle Corp. (“Li-Cycle” or “the Company”), an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America, announced a partnership with Renewance, a leading life-cycle battery management company, to deliver a safe, sustainable, and cost-effective lithium-ion battery recycling solution for end-of-life energy storage systems.
The deployment of energy storage systems has significantly progressed in recent years and the U.S. energy storage market is set to grow to nearly 26.5 gigawatt hours annually by 2025 and will account for 50% of the global market this year, according to the U.S. Energy Storage Monitor and IHS Markit. Lithium-ion batteries are the primary technology used to store energy and as systems go offline or are upgraded, it is imperative to sustainably return the end-of-life batteries back into the supply chain. By combining their respective strengths in lithium-ion battery recycling and battery life cycle management software and services, Li-Cycle and Renewance expect to play an important role in helping developers and utilities decommission energy storage systems safely, recovering the valuable materials from within the end-of-life batteries, and returning those materials to the economy.
“This partnership with Renewance is a major breakthrough for us as we make considerable inroads in the energy storage market, which is going through substantial growth and in turn will produce a substantial supply of end-of-life batteries that need to be recycled,” said Kunal Phalpher, Chief Commercial Officer of Li-Cycle. “We will enhance Renewance’s abilities to deliver value through efficiently managing its clients’ batteries through our Spoke facilities, strategically located close to regions with high penetration of energy storage systems.”
Li-Cycle and Renewance have been collaborating on energy storage projects since the beginning of 2020, and the parties believe that, with the formalization of their partnership, they are well positioned to grow the scope and scale of energy storage system lithium-ion batteries requiring recycling continue to grow. Li-Cycle’s recently announced third commercial lithium-ion battery recycling facility (or “Spoke”) will be critical in this regard due to its proximity to California, which was an early adopter of energy storage projects and leads the rest of the United States. Li-Cycle’s Spoke facility in Rochester, NY will also be essential in recovering resources from end-of life-lithium-ion batteries from energy storage systems on the U.S. East Coast.
“Renewance and Li-Cycle share the same mission to enable a more sustainable battery energy storage ecosystem,” said Tom Newhall, Chief Operating Officer of Renewance. “We bring a wealth of experience on regulatory considerations to decommissioning and reverse supply chain processes and Li-Cycle brings a strong capability of recovering critical battery materials from lithium-ion batteries in a sustainable and safe manner. We are looking forward to working closely with Li-Cycle on this mutually beneficial partnership.”
On February 16, 2021, Li-Cycle announced its entry into a definitive business combination agreement with Peridot Acquisition Corp. (NYSE: PDAC) (“Peridot”). Upon the closing of the business combination, which is expected in the third quarter of 2021, the combined company will be named Li-Cycle Holdings Corp. (“Newco”). Li-Cycle intends to apply to list the common shares of the combined company on the New York Stock Exchange under the new ticker symbol, “LICY.”
Li-Cycle | https://li-cycle.com/
Renewance | http://batterystewardship.com/