Battery recycling giant Ecobat is building its first lithium-ion battery recycling facility in North America – its third li-ion battery recycling facility globally. It's a huge. Contact online >>
Battery recycling giant Ecobat is building its first lithium-ion battery recycling facility in North America – its third li-ion battery recycling facility globally. It''s a huge...
We are able to safely receive and recycle all types of lithium-ion batteries regardless of form factor and state of charge, as well as all types of battery manufacturing scrap. We can also process damaged, defective or recalled batteries.
Li-Cycle, North America''s largest lithium-ion battery resource recycling company, has entered into a definitive business combination agreement with Peridot Acquisition Corp. (NYSE: PDAC). Upon closing, the combined company will be renamed Li-Cycle Holdings Corp. and will be listed on the New York Stock Exchange under the new ticker symbol
When the 154,000-square-foot facility is fully operational in August 2022, it will be North America''s largest battery recycling facility with capacity to process 30,000 metric tons of discarded lithium-ion batteries and scrap per year — returning battery grade lithium, cobalt and nickel back into the battery supply chain.
Li-Cycle today launched one of Europe''s largest lithium-ion battery recycling
The Ontario, Canada-based lithium-ion battery recycling company Li-Cycle will
Original article published on Businesswire
TORONTO & HOUSTON–(BUSINESS WIRE)–Li-Cycle Corp.("Li-Cycle" or "the Company"), a commercial leader in lithium-ion battery resource recovery, andPeridot Acquisition Corp.("Peridot") (NYSE: PDAC),a publicly-traded special purpose acquisition company sponsored by Carnelian Energy Capital, announced their entry today into a definitive business combination agreement that will result in Li-Cycle becoming a public company. Upon closing of the transaction, the combined company will be renamed Li-Cycle Holdings Corp. and will be listed on the New York Stock Exchange under the new ticker symbol "LICY." The combined company will be led by Ajay Kochhar, Co-Founder, President and Chief Executive Officer of Li-Cycle, and Tim Johnston, Co-Founder and Executive Chairman.
Company Overview and Investment Highlights
Founded in Toronto in 2016, Li-Cycle is an industry-leading lithium-ion battery resource recovery company and the largest lithium-ion battery recycler in North America. Li-Cycle sits at the intersection of three core megatrends:
The imperative for economically and environmentally sustainable resource recycling is growing in lockstep with the exponential growth of battery manufacturing. Li-Cycle utilizes its patented Spoke & Hub technologies to achieve the industry-leading recovery rate and produce the scarce battery materials underpinning the global growth in electric vehicle penetration. Legacy recycling technologies have largely relied on thermal operations, which can emit harmful emissions and result in lower recovery rates. Li-Cycle''s two-stage battery recycling model enables customers to benefit from a safe and environmentally friendly solution for recycling all types of lithium-ion materials.
Key investment highlights are as follows:
Ajay Kochhar, Co-Founder, President and Chief Executive Officer of Li-Cycle, commented, "Li-Cycle''s patented technology is proven in the North American market as the leading way to recycle lithium-ion batteries and re-use recovered materials to make new batteries in a truly circular and sustainable manner. The capital raised in this transaction will fully fund our planned global growth. We are excited to partner with the Peridot team and enter the public markets, deliver on our mission and create long-term value for our customers, employees and shareholders."
Tim Johnston, Co-Founder and Executive Chairman of Li-Cycle, commented, "We see a tremendous global market opportunity in front of us driven by the exponential growth of the electric vehicle market. Our ''future proofed'' technology can recycle any battery chemistry economically, and our closed-loop solution provides the essential raw material building blocks for batteries that are in critical demand. The partnership with the Peridot team is an exciting and important milestone in Li-Cycle''s journey, further enabling Li-Cycle to achieve our mission and grow in lockstep with our customers – in North America and globally."
Alan Levande, Chairman and Chief Executive Officer of Peridot who will join Li-Cycle''s Board of Directors, said, "Li-Cycle is at the forefront of one of the most crucial and under-penetrated markets in clean technology that is growing in lock-step with the electrification of mobility. As the North American market leader, we believe Li-Cycle is a unique and compelling ESG investment opportunity for investors looking to participate in the global energy transition. We are delighted to partner with Li-Cycle to advance and scale its disruptive technology."
The business combination includes a pre-money equity valuation for Li-Cycle of $975 million and, when combined with the transaction proceeds, represents a combined company pro forma equity value of $1.67 billion. The transaction will provide $615 million in gross proceeds to the Company, assuming no redemption by Peridot shareholders, including a $315 million fully committed, upsized common stock PIPE at $10.00 per share from investors that include Neuberger Berman Funds, Franklin Templeton and Mubadala Capital, as well as Peridot sponsor Carnelian Energy Capital, existing Li-Cycle investors including Moore Strategic Ventures, and global marketing and strategic off-take partner Traxys.
The Boards of Directors of each of Li-Cycle and Peridot have unanimously approved the transaction. The transaction will require the approval of the shareholders of both Li-Cycle and Peridot, and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. The transaction is expected to close in the second quarter of 2021. 100% of Li-Cycle''s shareholders will roll their equity holdings into the new public company.
Additional information about the proposed transaction, including a copy of the merger agreement and investor presentation, will be provided in a Current Report on Form 8-K to be filed by Peridot with the Securities and Exchange Commission ("SEC") and will be available on the Li-Cycle''s Investor Relations page at https://investors.li-cycle / and at
Citi is serving as sole financial advisor to Li-Cycle. Cowen is serving as capital markets advisor to Li-Cycle. UBS Investment Bank is serving as lead placement agent and Barclays and Citi are serving as placement agents for the PIPE. UBS Investment Bank and Barclays are also serving as financial and capital markets advisors to Peridot. McCarthy Tétrault and Freshfields Bruckhaus Deringer are serving as legal advisors to Li-Cycle. Kirkland & Ellis and Stikeman Elliott are serving as legal advisors to Peridot. INFOR Financial Inc. has provided a fairness opinion to the Board of Directors of Li-Cycle.
Investor Conference Call Information
Peridot and Li-Cycle will host a joint investor conference call to discuss the proposed transaction Tuesday, February 16, 2021 at 8:00am ET.
Interested parties may listen to the prepared remarks call via telephone by dialing 1-877-407-4018 (U.S. toll free) or 1-201-689-8471 (international callers) and entering the conference ID number 13716354. A telephone replay will be available until March 2, 2021 by dialing 1-844-512-2921; international callers should dial 1-412-317-6671 and enter the passcode 13716354.
Li-Cycle Corp. (Li-Cycle) is on a mission to leverage its innovative Spoke & Hub Technologies to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of critical battery materials. Lithium-ion rechargeable batteries are increasingly powering our world in automotive, energy storage, consumer electronics, and other industrial and household applications. The world needs improved technology and supply chain innovations to better manage battery manufacturing waste and end-of-life batteries and to meet the rapidly growing demand for critical and scarce battery-grade raw materials through a closed-loop solution. For more information, visithttps://li-cycle /.
About Peridot Acquisition Corp.
Peridot Acquisition Corp. is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company''s sponsor is an affiliate of Carnelian Energy Capital Management, L.P., an investment firm that focuses on opportunities in the North American energy space in
partnership with best-in-class management teams. For more information, visithttps://peridotspac /.
Additional Information and Where to Find It
Investors and securityholders will also be able to obtain free copies of the documents filed by Peridot and/or Newco with the SEC on Peridot''s website at by emailing[email protected].
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities of Peridot or Newco or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Participants in the Solicitation
Caution Concerning Forward-Looking Statements
Investor Contact[email protected]
Media Contact[email protected]
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