March 20, 2018
Bioindustrial Innovation Canada invests in lithium battery recycler Li-Cycle
Original announcement published on BIC
Bioindustrial Innovation Canada (BIC) is pleased to announce an investment in Li-Cycle Corp. (Li-Cycle), an Ontario-based firm that has developed an innovative process to address the emerging international demand for better systems to recycle lithium-ion batteries.
The need is driven by the burgeoning growth of electric vehicles and stationary energy storage, coupled with limited sources for critical battery-grade materials and ineffective legacy recycling systems. Li-Cycle has drawn worldwide interest in its proprietary process, which is economical, clean, effective and safe. Li-Cycle has concluded its most recent investment round with several international investors, among which BIC is a cornerstone participant.
“Bioindustrial Innovation Canada is very pleased to have closed this investment with Li-Cycle,” says Sandy Marshall, Executive Director of BIC. “Their innovative technologies bring a new era of recycling lithium-ion batteries. We look forward to working with Li-Cycle to execute their business plan and support the development of their ongoing and future activities.”
To qualify for BIC investment, Li-Cycle completed in 2017 a rigorous process under the Centre for Commercialization of Sustainable Chemistry Innovation (COMM SCI) initiative program. Enterprises being considered for COMM SCI must answer questions such as:
Does this meet the BIC vision of being clean, green and sustainable?
Is this a new or game changing technology?
Is there a clear benefit to Canada?
Is this a superior management team?
Is there a clear need for BIC investment and strategic assistance?
“BIC is a leading sustainable technology investor. We are grateful for its vote of confidence and Li-Cycle is fortunate to benefit from BIC’s active support and engagement,” commented Ajay Kochhar, President & CEO of Li-Cycle. “Successfully concluding our most recent investment round represents a significant milestone for Li-Cycle. We look forward to this exciting phase of Li-Cycle’s development.”
For more information please contact:
Bioindustrial Innovation Canada
Email: [email protected]
Ajay Kochhar, President & CEO
Regine Araneta, Communications Lead
Email: [email protected]
About Bioindustrial Innovation Canada (BIC)
Bioindustrial Innovation Canada (BIC) is a nationally focused not-for-profit organization based in Sarnia, Ontario. The Centre for Commercialization of Sustainable Chemistry Innovation (COMM SCI) acts as a hub for the commercialization of sustainable chemistry and bio-based innovation, providing businesses and technical support to participating small- and medium-sized enterprises (SMEs) in southern Ontario. COMM SCI was established with support from the Federal Economic Development Agency for Southern Ontario’s (FedDev Ontario) Investing in Regional Diversification initiative and additional support from the Government of Ontario Ministry of Research, Innovation and Science. Bioindustrial Innovation Canada creates jobs and economic value sustainably for Canada. We provide critical strategic investment, advice and services to business developers of clean, green and sustainable technologies. Our expertise in commercialization builds a stronger Canada. For more information, visit http://www.bincanada.ca/