Li-Cycle, the developer of a novel battery recycling system, has announced an agreement with Ultium Cells, a joint venture of GM and LG Energy Solution, to recycle up to 100% of the scrap generated by battery cell manufacturing at Ultium’s Lordstown, Ohio mega-factory.
Using its patented Spoke & Hub Technologies at facilities in the US, Li-Cycle will transform Ultium’s battery manufacturing scrap into new battery-grade materials, including lithium carbonate, cobalt sulphate and nickel sulphate, helping to close the battery supply chain loop and enable sustainable production of new EV batteries.
When fully operational in 2022, the $2.3-billion Ultium battery cell manufacturing facility in Lordstown will span 3 million square feet, making it one of the largest EV battery manufacturing plants in North America. Li-Cycle will play a key role in GM’s zero-waste initiative by rerouting battery manufacturing scrap back into the supply chain through this multi-year contract.
“GM’s zero-waste initiative aims to divert more than 90 percent of its manufacturing waste from landfills and incineration globally by 2025,” said Ken Morris, GM’s VP of Electric and Autonomous Vehicles. “We’re going to work closely with Ultium Cells and Li-Cycle to help the industry get even better use out of the materials.”
“Our combined efforts with Ultium and GM will be instrumental in redirecting battery manufacturing scrap from landfills and returning a substantial amount of valuable battery grade materials back into the battery supply chain,” said Ajay Kochhar, CEO and co-founder of Li-Cycle. “This partnership is a critical step forward in advancing our proven lithium-ion resource recovery technology as a more sustainable alternative to mining.”
Meanwhile, Li-Cycle has announced a business combination agreement with Peridot Acquisition (NYSE: PDAC). The deal is expected to close in the second quarter of 2021. The new company will be named Li-Cycle Holdings, and will eventually be listed on the NYSE under the new ticker symbol LICY.