Glencore will send spent lithium-ion batteries and manufacturing scrap to the Toronto-based startup, which will also supply the Swiss giant with recovered metals including lithium, manganese, cobalt and nickel from Li-Cycle’s facilities, the companies said in a Thursday statement announcing the partnership. Glencore has been advancing efforts to boost recycling of the batteries that power electric vehicles, including itsto build a U.K. plant as part of a deal to help Britishvolt Ltd.
Electric automakers, mining companies and chemical supplier are racing to control more supplies of materials that are key to transitioning the world to cleaner energy sources. Car manufacturers and industry analysts expect recycled batteries to play a vital role in addressing supply constraints over the long term.
Glencore will also make a $200-million investment in Li-Cycle by purchasing a five-year convertible note, according to the statement. Li-Cycle agreed to nominate Kunal Sinha, Glencore’s head of recycling, to its board of directors.
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