Li-Cycle ($LICY) Announces Strategic Long-Term Battery Recycling Partnership with VinES Energy
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April 12, 2023 – TheNewswire - Li-Cycle (NYSE: LICY), an industry leader in lithium-ion battery resource recovery, and VinES Energy Solutions have signed a definitive agreement for a long-term recycling relationship. According to the agreement, Li-Cycle will become the strategic and preferred recycling partner for VinES’ Vietnamese-sourced battery materials.
Li-Cycle's strategy is to grow recycling capacity in conjunction with customer demand, and the agreement may lead to the construction of a dedicated Spoke facility close to the VinES manufacturing site. An investment decision regarding the dedicated Spoke facility is expected to be made in 2025.
Tim Johnston, co-founder and Executive Chair of Li-Cycle stated: “This Agreement supports our shared goals of creating a sustainable and closed-loop battery supply chain. It also advances Li-Cycle’s position as the industry’s preferred global recycling partner as we continue to strengthen our commercial relationships and scale our innovative and environmentally friendly battery recycling technologies around the world.”
Pam Linh, CEO of VinES added: “By recycling battery production scrap and used batteries into the global mobility and energy storage industries, we can achieve a sustainable supply chain while reducing environmental impacts.”
Li-Cycle leverages its innovative Spoke & Hub Technologies™ to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of battery-grade materials.
Shares of Li-Cycle trade on the NYSE under the ticker symbol LICY. For more information visit www.greenstocknews.com
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