Li-Cycle

Li-Cycle co-founder Ajay Kochhar will return to lead Glencore’s battery recycling unit following the Swiss mining giant’s acquisition of the bankrupt Toronto-based firm. Court documents peg the final offer at $43.6 million, including previously advanced funds.

Li-Cycle filed for bankruptcy in May after a costly construction dispute in New York. The deal allows continued operations in Germany, with potential restarts in Ontario, Arizona, Alabama, and New York. Once at risk of shuttering globally, the Canadian clean-tech startup now gets a second life under Glencore’s industrial wing.

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Toronto’s Li-Cycle has signed an exclusive agreement with a luxury EV manufacturer to recycle lithium-ion battery scrap at its Germany Spoke facility. The automaker, which remains unnamed, will supply Li-Cycle directly from within Germany. CEO Ajay Kochhar emphasized that the deal strengthens Li-Cycle’s role as a preferred partner for sustainable battery recycling.

The company currently works with 13 EV manufacturers and 15 battery producers, reinforcing its industry presence. As EV adoption rises, Li-Cycle is expanding its Spoke & Hub model to support a circular economy and meet growing demand.

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Li-Cycle, once a leading name in North America’s EV supply chain, is facing significant setbacks. The Toronto-based battery recycling company’s factory in Rochester, N.Y., has been paused since October 2023 due to escalating costs. Li-Cycle’s financial troubles, including layoffs, lawsuits, and stock declines, now threaten its ambitious goal of challenging China’s dominance.

Despite securing a US$375-million loan commitment from the U.S. Department of Energy, the company is struggling to meet conditions for the funds. Co-founder Ajay Kochhar remains optimistic, but delays have dampened confidence in the project.

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