Lithium-ion battery recycling agency Li-Cycle has filed for Chapter 15 bankruptcy in the USA and creditor safety inside Canada. The Canada-based firm operated recycling plants in Arizona, Alabama and New York.
Li-Cycle largely centered on EV battery recycling however was starting to accommodate stand-alone vitality storage methods. Based on its web site, its processing facility in New York was curtailed, and development on its hydrometallurgical recycling course of hub in Rochester was not accomplished. Along with the vegetation in Arizona and Alabama, Li-Cycle operated a plant in Germany and was new areas in Italy and Norway.
Li-Cycle has entered into an fairness and asset stalking horse settlement with Glencore Canada Corp., which is Li-Cycle’s largest secured creditor. Glencore has agreed to a bid of a minimum of $40 million for Li-Cycle’s belongings, together with the U.S. and German operations and any mental property.
Li-Cycle’s Germany operations is anticipated to have ample working capital to persevering with working throughout these chapter proceedings.
The corporate was asserting new recycling partnerships and investments as lately as three months in the past.
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