Li-Cycle to extend corporate sponsorship of Shift2, a non-profit organization formerly known as The Shore Foundation, for an additional three years as part of its ongoing commitment to support local communities
Original press release developed via Business Wire
TORONTO, Ontario (May 25, 2023) – Li-Cycle Holdings Corp. (NYSE: LICY) (“Li-Cycle” or the “Company”), an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America, and Shift2, a non-profit organization providing access to technology for equity-deserving individuals, are pleased to announce the donation of laptops to 60 senior students at Edison Career and Technology High School (“Edison Tech”) in Rochester, New York.
At an event at Edison Tech today, representatives from Shift2 and Li-Cycle presented laptops to students who have completed a college application, a financial aid application, or have actively pursued employment in the trades.
Li-Cycle is also pleased to announce the extension of its corporate sponsorship of Shift2 for an additional three years. Through its sponsorship, Li-Cycle will continue to support Shift2’s mission and make a positive impact on the lives of individuals residing in and around the greater Rochester, New York area.
Anthony Staley, VP, North American Hub, Li-Cycle, commented: “We are thrilled to extend our partnership with Shift2 and provide students with laptops and support their education. By working with Shift2, we can enhance our ability to deliver a positive impact to local Rochester communities. Li-Cycle is driving the future of next-generation clean technology in Rochester by developing a facility that is expected to be one of the largest sources of lithium and recycled battery materials in North America at the Eastman Business Park.”
Megan Alchowiak, Executive Director, Shift2, commented: “We are excited to strengthen our partnership with Li-Cycle and greatly appreciate their support of our mission. Today’s donation showcases both Li-Cycle and Shift2’s firm commitment to making a tangible difference in the Rochester community. We are excited to be donating these valuable laptops to these very deserving students.”
Jacob Scott, Principal, Edison Tech, commented: “We are incredibly grateful to Li-Cycle and Shift2 for their generous donation of laptops to our senior students, which will make a positive difference to their future success. These laptops provide our seniors with the necessary tools to excel in their studies and empowers them to navigate the digital world with confidence. It is great to see the remarkable impact that can be made when our community comes together to support education and invest in the dreams and aspirations of our youth.”
Since 2021, Li-Cycle and Shift2 have worked together to support efforts to recycle lithium-ion batteries from used laptops in a safe and environmentally friendly manner. Li-Cycle also supports Shift2’s mandate of distributing refurbished laptops to individuals in the Rochester community who lack access to technology. Li-Cycle and Shift2’s collaboration has benefited many community groups to address issues such as access to education, homelessness, at-risk youth, and job empowerment.
About Li-Cycle Holdings Corp.
Li-Cycle (NYSE: LICY) 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 battery-grade 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, visit https://li-cycle.com/.
Shift2 (formerly known as The Shore Foundation) is a non-profit organization in Rochester, NY with a mission to maximize the usefulness of existing technology to make a positive impact on people’s lives, the community and the environment. By repurposing computers originally used by businesses, Shift2 plays a vital role in equipping community members with the tools they need to stay connected, unlock their potential, and succeed in this digital age. Additionally, the organization is dedicated to responsible recycling unusable technology, recognizing the significance of reclaiming metals and rare earth elements critical for the production of devices in the future. For more information: https://shift2nfp.org/.
Certain statements contained in this press release may be considered “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, as amended, Section 21 of the U.S. Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. Forward-looking statements may generally be identified by the use of words such as “believe”, “may”, “will”, “continue”, “anticipate”, “intend”, “expect”, “should”, “would”, “could”, “plan”, “potential”, “future”, “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward-looking statements in this press release include but are not limited to statements about: Li-Cycle’s expectation that it will continue to support Shift2’s mission and make a positive impact on the lives of individuals residing in and around the greater Rochester, New York area; the expectation that, by working with Shift2, Li-Cycle can enhance its ability to deliver a positive impact to local Rochester communities; the expectation that Li-Cycle’s facility in Rochester will be one of the largest sources of lithium and recycled battery materials in North America; and the expectation that Li-Cycle will continue to leverage its Spoke & Hub Technologies to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of battery-grade materials. These statements are based on various assumptions, whether or not identified in this communication, including but not limited to assumptions regarding the timing, scope and cost of Li-Cycle’s projects; the processing capacity and production of Li-Cycle’s facilities; Li-Cycle’s ability to source feedstock and manage supply chain risk; Li-Cycle’s ability to increase recycling capacity and efficiency; Li-Cycle’s ability to obtain financing on acceptable terms; Li-Cycle’s ability to retain and hire key personnel and maintain relationships with customers, suppliers and other business partners; general economic conditions; currency exchange and interest rates; compensation costs; and inflation. There can be no assurance that such estimates or assumptions will prove to be correct and, as a result, actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements.
These forward-looking statements are provided for the purpose of assisting readers in understanding certain key elements of Li-Cycle’s current objectives, goals, targets, strategic priorities, expectations and plans, and in obtaining a better understanding of Li-Cycle’s business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes and is not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability.
Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Li-Cycle, and are not guarantees of future performance. Li-Cycle believes that these risks and uncertainties include, but are not limited to, the following: Li-Cycle’s inability to economically and efficiently source, recover and recycle lithium-ion batteries and lithium-ion battery manufacturing scrap, as well as third party black mass, and to meet the market demand for an environmentally sound, closed-loop solution for manufacturing waste and end-of-life lithium-ion batteries; Li-Cycle’s inability to successfully implement its global growth strategy, on a timely basis or at all; Li-Cycle’s inability to manage future global growth effectively; Li-Cycle’s inability to develop the Rochester Hub, and other future projects including its Spoke network expansion projects in a timely manner or on budget or that those projects will not meet expectations with respect to their productivity or the specifications of their end products; Li-Cycle’s failure to materially increase recycling capacity and efficiency; Li-Cycle may engage in strategic transactions, including acquisitions, that could disrupt its business, cause dilution to its shareholders, reduce its financial resources, result in incurrence of debt, or prove not to be successful; one or more of Li-Cycle’s current or future facilities becoming inoperative, capacity constrained or if its operations are disrupted; additional funds required to meet Li-Cycle’s capital requirements in the future not being available to Li-Cycle on acceptable terms or at all when it needs them; Li-Cycle expects to continue to incur significant expenses and may not achieve or sustain profitability; problems with the handling of lithium-ion battery cells that result in less usage of lithium-ion batteries or affect Li-Cycle’s operations; Li-Cycle’s inability to maintain and increase feedstock supply commitments as well as securing new customers and off-take agreements; a decline in the adoption rate of EVs, or a decline in the support by governments for “green” energy technologies; decreases in benchmark prices for the metals contained in Li-Cycle’s products; changes in the volume or composition of feedstock materials processed at Li-Cycle’s facilities; the development of an alternative chemical make-up of lithium-ion batteries or battery alternatives; Li-Cycle’s revenues for the Rochester Hub are derived significantly from a single customer; Li-Cycle’s insurance may not cover all liabilities and damages; Li-Cycle’s heavy reliance on the experience and expertise of its management; Li-Cycle’s reliance on third-party consultants for its regulatory compliance; Li-Cycle’s inability to complete its recycling processes as quickly as customers may require; Li-Cycle’s inability to compete successfully; increases in income tax rates, changes in income tax laws or disagreements with tax authorities; significant variance in Li-Cycle’s operating and financial results from period to period due to fluctuations in its operating costs and other factors; fluctuations in foreign currency exchange rates which could result in declines in reported sales and net earnings; unfavorable economic conditions, such as consequences of the global COVID-19 pandemic; natural disasters, unusually adverse weather, epidemic or pandemic outbreaks, cyber incidents, boycotts and geo-political events; failure to protect or enforce Li-Cycle’s intellectual property; Li-Cycle may be subject to intellectual property rights claims by third parties; Li-Cycle’s failure to effectively remediate the material weaknesses in its internal control over financial reporting that it has identified or if it fails to develop and maintain a proper and effective internal control over financial reporting. These and other risks and uncertainties related to Li-Cycle’s business are described in greater detail in the section entitled “Risk Factors” and “Key Factors Affecting Li-Cycle’s Performance” in its Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission and the Ontario Securities Commission in Canada. Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. Actual results could differ materially from those contained in any forward-looking statement.
Li-Cycle assumes no obligation to update or revise any forward-looking statements, except as required by applicable laws. These forward-looking statements should not be relied upon as representing Li-Cycle’s assessments as of any date subsequent to the date of this press release.