Lithium-ion battery resource recovery company Li-Cycle announced Tuesday it raised $75 million through a senior note financing with an affiliate of Swiss commodities giant Glencore .in Europe with Canada’s Li-Cycle Holdings to produce materials, including lithium carbonate, to respond to a global shortage of key raw materials for a fast growing production of electric cars.
“This financing enhances Li-Cycle and Glencore’s existing long-term, strategic partnership and represents an interim step in our funding strategy to support Li-Cycle’s future plans,” Ajay Kochhar, Li-Cycle co-founder and CEO“We also continue to work closely with the U.S. Department of Energy on the conditional commitment for a loan of up to $375 million.”
“Glencore is committed to bringing scalable and sustainable circularity into the supply chain of battery materials,” Kunal Sinha, Glencore’s Global Head of Recycling and non-executive director of Li-Cycle’s Board said in the statement.