Headquartered in Toronto, Canada, Li-Cycle Holdings Corp. (LICY) is engaged in the lithium-ion battery resource recovery and lithium-ion battery recycling business in North America. The company offers a mix of cathode and anode battery materials, including lithium, nickel, cobalt, graphite, copper, aluminum, and copper and aluminum metals. It also provides lithium carbonate, cobalt sulfate, nickel sulfate, and manganese carbonate. On May 5, 2022, LICY and Glencore PLC entered a global feedstock supply agreement, under which Glencore will supply all types of manufacturing scrap and end-of-life lithium-ion batteries to LICY. The companies will also enter into agreements for the black mass supply and off-take, Hub End-Products and By-Products Off-take, and Key Reagent Supply.
The growing demand for electric vehicles, mobile phones, laptops, power tools, and others is driving the demand for lithium-ion batteries. With government policies backing the adoption of EVs and cleaner power sources, the demand for lithium-ion batteries is expected to surge in the long term. The lithium-ion battery recyclers are expected to benefit from the rising demand for lithium-ion batteries. Furthermore, strict government regulations on recycling vital materials of old batteries will help promote environmental sustainability and mitigate material scarcity. According to a Fortune Business Insights report, the lithium-ion battery recycling market is expected to grow at an 18.5% CAGR to $6.55 billion by 2028.
