Li-Cycle in Joint Venture to Recycle Lithium-Ion Batteries in Norway

Norway plans on phasing out sales of new internal combustion engine vehicles by April 2022. Li-Cycle said it expects to be well-positioned to ultimately recycle and bring end-of-life batteries back into the lithium-ion battery supply chain.

Once constructed, the Norwegian Spoke will be Li-Cycle’s first recycling facility outside of North America and is expected to have the capacity to process up to 10,000 tons of lithium-ion batteries a year, including battery manufacturing scrap, full EV packs, and energy storage systems. The facility is expected to be operational in early 2023.

Eco Stor will provide the joint venture with end-of-life lithium-ion batteries, along with Morrow providing lithium-ion battery manufacturing scrap from its planned battery manufacturing facilities in Norway. Li-Cycle will provide equipment, technology, technical services, and operational management for the Spoke facility, while having the right to acquire 100% of the facility’s production of black mass.

Li-Cycle shares rose 4% to $7.60 in premarket trading.