Li-Cycle, LG Chem (LGC) and LG Energy Solution (LGES) have agreed to cooperate on battery recycling and sales.
Li-Cycle has agreed to recycle LGES’s battery manufacturing scrap and other lithium-ion battery material from its North American manufacturing sites over a 10-year period. Also, Li-Cycle has agreed to sell 20,000 tons of recycled nickel sulphate to LGC and LGES in the same time frame.
The nickel sulfate will be produced at an under-construction Li-Cycle Hub located in Rochester, New York. Li-Cycle estimates that the nickel sulphate to be sold to LGC and LGES under these arrangements will be “enough to produce lithium-ion batteries that can power approximately 300,000 high-performing EVs.”
LGC and LGES also plan to invest $50 million in Li-Cycle.
“Together, we are driving sustainable global electrification through the creation of this milestone closed-loop ecosystem in the lithium-ion battery supply chain,” said co-founder and CEO of Li-Cycle Ajay Kochhar.