Li-Cycle ($LICY) and Glencore Partner to Build Europe's Largest Lithium Battery Recycling Hub
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May 9, 2023 – TheNewswire - Li-Cycle (NYSE: LICY), an industry leader in lithium-ion battery resource recovery, and Glencore International AG have announced their collaboration to explore the feasibility of establishing a Hub facility in Portovesme, Italy.
Once operational, the Portovesme Hub is projected to process up to 50,000 to 70,000 tonnes of black mass annually, equivalent to approximately 36 GWh of lithium-ion batteries. The black mass, sourced from Li-Cycle's expanding Spoke network in Europe and Glencore's commercial network, will be treated using hydrometallurgical processes.
Within the next 60 days, Li-Cycle and Glencore will embark on a definitive feasibility study (DFS) for the Portovesme Hub, which is anticipated to conclude by mid-2024. Upon reaching a final investment decision, construction of the hub will commence, with the commissioning phase expected to begin in late 2026 or early 2027.
Tim Johnston, co-founder and Executive Chair, Li-Cycle stated: “The planned Portovesme Hub is a landmark project for Europe’s battery recycling industry and is expected to be the largest source of recycled battery-grade lithium on the Continent.”
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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