January 26, 2022
Original article published in Market Watch
Li-Cycle Holdings Corp. on Wednesday said it has formed a joint venture with Eco Stor AS and Morrow Batteries AS construct a new commercial lithium-ion battery recycling facility in southern Norway.
Li-Cycle will be the majority owner of the joint venture, with Eco Stor and Morrow being minority owners and Nordic-headquartered strategic partners.
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.