Li-Cycle’s commitment to the United Nations Global Compact, the world’s largest corporate sustainability initiative, reflects the importance of sustainability to its business.
Original press release developed via Business Wire
TORONTO, Ontario (June 1, 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, is pleased to announce it has joined the United Nations Global Compact (“UNGC”) initiative, a voluntary leadership platform for the development, implementation and disclosure of responsible business practices.
Li-Cycle is proud to join thousands of other companies worldwide committed to aligning their operations and strategies with the UNGC’s Ten Principles in the areas of human rights, labour, environment, and anti-corruption, and to take action in support of the United Nations’ Sustainable Development Goals (SDGs). The Company’s participation in the UNGC is a formal expression of Li-Cycle’s commitment to uphold the highest standards relating to these principles. Aligned with Li-Cycle’s Environment, Social, and Governance (ESG) strategy, the Company aims to make a meaningful and positive impact on the SDGs through its comprehensive approach to sustainability and responsible business practices.
“I am proud to announce Li-Cycle’s commitment to join the UNGC, which reflects our adherence to the highest sustainability standards for our ESG strategy and roadmap,” said Ajay Kochhar, Li-Cycle’s CEO and co-founder. “Joining the UNGC further demonstrates Li-Cycle’s unwavering commitment to operating as a responsible and sustainable global clean technology company. Through our active participation in this initiative, Li-Cycle aims to contribute to the collective efforts in creating a more inclusive, ethical, and cleaner world. Together with other like-minded organizations, we can drive positive change and make a lasting impact.”
Li-Cycle’s patented Spoke & Hub Technologies™ enables a safe and environmentally friendly way to recycle lithium-ion batteries and recover critical battery-grade materials. The attributes of the Company’s process include an efficient environmental footprint, minimal direct greenhouse gas emissions, and minimal wastewater discharge. Li-Cycle has been recognized for its impact in building a more sustainable battery materials supply chain and accelerating the movement towards decarbonization. In line with the Ten Principles, Li-Cycle supports human rights, protect its workers and communities, and ensures that its operations adhere to the highest ethical and safety standards. To view Li-Cycle’s interim ESG Report, click here.
Launched in 2000, the UNGC is the largest corporate sustainability initiative in the world, with more than 15,000 companies and 3,000 non-business signatories based in over 160 countries, and more than 70 Local Networks. For more information about this initiative, please visit the Company’s profile on the UNGC website and learn more about how Li-Cycle is making a positive impact on the global business environment by promoting sustainability and ethics.
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 critical 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.
Contacts
Investor Relations
Nahla A. Azmy
Sheldon D’souza
Media
Louie Diaz
Forward-Looking Statements
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 intention to make a meaningful and positive impact on the SDGs through its comprehensive approach to sustainability and responsible business practices; Li-Cycle’s intention to contribute to the collective efforts in creating a more inclusive, ethical, and cleaner world; and Li-Cycle’s ability to drive positive change and make a lasting impact. 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.
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