It won't be lonely playing in the black muck space Battery recycler Li-Cycle Corp. is raising cash for global expansion by going public on the New York Stock Exchange in a deal that values the Mississauga-based company at US$1.7-billion. Li-Cycle repurposes worn out lithium batteries in everything from iPhones to Teslas using a patented process with low environmental impact. The five-year-old private company announced plans on Tuesday to merge with Peridot Acquisition Corp.,
Li-Cycle currently has facilities in Kingston, Ont., and Rochester, N.Y. In the next five years, it plans to open three more recycling hubs and up to 20 spokes that collect and initially process spent batteries, with operations in North America, Europe and Asia.
The company expects to spend more than US$900-million through 2025 as it increases capacity more than tenfold. Co-founder and chief executive Ajay Kochhar said electric vehicle production is growing so quickly, Li-Cycle is currently working flat out to recycle scraps and rejected batteries from manufacturers.
Li-Cycle’s chemistry-based approach to recycling batteries captures almost all the lithium, nickel and cobalt and reintroduces those elements into the supply chain. In contrast, many competitors heat batteries to break them down, which sends a significant chunk of the components up the chimney or into landfills.
He added that listing on the NYSE also allows Li-Cycle to consider acquisitions as it expands. In a presentation, Li-Cycle said it expects to generate earnings before interest, taxes, depreciation and amortization (EBITDA) of US$109-million in 2023, rising to more than US$500-million by 2025.
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https://www.theglobeandmail.com/business/article-mississauga-battery-recycler-li-cycle-files-to-go-public-on-nyse-in/