Welcome to our dedicated page for Li-Cycle Holdings news (Ticker: LICY), a resource for investors and traders seeking the latest updates and insights on Li-Cycle Holdings stock.
Li-Cycle Holdings Corp. (NASDAQ: LICY) is a pioneering company specializing in the recovery and recycling of lithium-ion batteries. The company has developed a proprietary Spoke and Hub recycling process, which plays a vital role in the circular economy by addressing the challenges of battery waste and resource scarcity. The Spoke and Hub model is designed to efficiently process battery manufacturing scrap and end-of-life batteries, thereby producing black mass and other intermediate products at its Spokes. These materials are then further refined at the company's Hubs to recover essential raw materials such as lithium carbonate, cobalt sulphate, and nickel sulphate.
Li-Cycle’s innovative recycling process ensures the responsible disposal and re-utilization of batteries, contributing significantly to sustainability efforts and the reduction of environmental impact associated with electronic waste. The company's expertise in resource recovery is increasingly critical as the demand for rechargeable batteries grows across various sectors, including electric vehicles and renewable energy storage.
Recent Achievements and Projects:
- Expanded its operational footprint with new Spoke facilities in North America and Europe.
- Secured partnerships with major battery manufacturers and automotive companies to streamline the recycling process.
- Invested in advanced technologies to enhance the efficiency and capacity of their recycling operations.
Financially, Li-Cycle Holdings Corp. is strategically positioned to leverage the booming battery recycling market, with a robust business model that supports both revenue growth and environmental stewardship. The company continues to report significant progress in their mission to achieve a sustainable and closed-loop battery supply chain.
Li-Cycle Holdings Corp. (NYSE: LICY) has restated its unaudited consolidated financial statements for the two months ended December 31, 2022, and 2021 due to a non-cash accounting error. The error, identified after the original filing on March 30, 2023, resulted in an understatement of unrealized fair value gains on financial instruments by $18.2 million for the previous period. This adjustment increased net income attributable to shareholders and earnings per share for the two months ended December 31, 2021, by $0.12 (basic) and $0.11 (diluted). Importantly, the restatement does not affect the company's overall cash position or previously reported adjusted EBITDA. Li-Cycle filed an amendment to its SEC Form 20-F to include the restated results along with a plan to address material weaknesses in internal controls over financial reporting.
Li-Cycle (NYSE: LICY) has entered into a definitive agreement with VinES Energy Solutions for a long-term recycling relationship, aiming to become VinES' strategic and preferred recycling partner for lithium-ion battery materials sourced from Vietnam starting in 2024.
This agreement supports the construction of a dedicated recycling facility, or Spoke, near VinES’ manufacturing operations, expected to meet the rising local demand for battery recycling driven by economic growth in Vietnam.
Investment decisions regarding this facility are planned for 2025, while initial processing will utilize Li-Cycle’s existing North American network. Both companies are focused on promoting a sustainable supply chain and enhancing the global electrification movement.
Li-Cycle Holdings Corp. (NYSE: LICY) announced progress on its Rochester Hub, with commissioning set for late 2023. The company secured a $375 million loan from the U.S. Department of Energy, enhancing financial flexibility for expanding its Spoke network. Revenues for the two-month period ending December 31, 2022, increased to $5.9 million from $2.8 million in 2021, driven by rising black mass production. However, operating expenses rose significantly to $25.3 million, impacting net income, which fell to $1.7 million. The company is poised to expand its Spoke network in Europe, capitalizing on growing market demand.
Li-Cycle Holdings Corp. (NYSE: LICY) has announced a strategic partnership with KION, a leading provider of industrial trucks, to act as KION’s preferred global lithium-ion battery recycling partner through 2030. This partnership includes plans to develop a new Spoke facility in France, which is expected to process up to 10,000 tonnes of lithium-ion battery materials annually, with potential expansion to 25,000 tonnes. Li-Cycle, already the largest battery recycler in North America, aims to support regional demand and KION’s compliance with EU battery regulations. The new facility complements Li-Cycle's extensive Spoke network, targeting over 100,000 tonnes of capacity globally.
Li-Cycle Holdings Corp. (NYSE: LICY) will host its 2023 annual general meeting of shareholders on April 27, 2023, at 8:30 a.m. Eastern Time, in a virtual format. Registered shareholders can join via this link. Shareholders are encouraged to vote ahead of the meeting.
Additionally, Li-Cycle has filed its Annual Report on Form 20-F for the fiscal year ending October 31, 2022. Key stakeholders can access the report and other meeting materials online. The company is also committed to environmental sustainability and will publish its first ESG Report in 2024.
Li-Cycle Holdings Corp. (NYSE: LICY) announced the nomination of Susan Alban to its Board of Directors, to be voted on at the annual meeting on
Li-Cycle Holdings Corp. (NYSE: LICY) is set to release its financial results for the transition period ending December 31, 2022, before the market opens on March 30, 2023. A conference call and audio-only webcast will provide insights into the results and future business outlook at 8:30 a.m. Eastern Time. Investors can participate via dial-in or listen to the live webcast on the company’s investor relations website. Li-Cycle aims to transform lithium-ion battery waste management, utilizing its Spoke & Hub Technologies to meet the growing demand for critical battery materials.
Li-Cycle Holdings Corp. (NYSE: LICY) hosted Prime Minister Justin Trudeau and European Commission President Ursula von der Leyen at its Kingston, Ontario facility. The visit highlighted Li-Cycle's role in lithium-ion battery recycling and its innovative Spoke & Hub Technologies™, which aim to support the clean energy transition in North America and Europe. With a current recycling capacity of over 50,000 tonnes per year, Li-Cycle plans to expand to 80,000 tonnes by the end of 2023. The company is also working on new facilities in Germany and Ontario, and received a $375 million loan commitment to support its Rochester Hub's development.
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