Li-Cycle Launches Partnership with The Shore Foundation to Provide Communities with Enhanced Access to Technology
Li-Cycle Corp., North America’s largest lithium-ion battery recycling company, announced a partnership with The Shore Foundation to enhance technological access for low-income communities. This collaboration includes corporate sponsorship from Li-Cycle, supporting the refurbishment and distribution of computers while also focusing on battery recycling. The firm’s Rochester facility processes 5,000 tonnes of batteries annually, contributing to sustainable resource recovery. Li-Cycle expects to close its business combination with Peridot Acquisition Corp. soon, potentially receiving $615 million for expansion.
- Partnership with The Shore Foundation aimed at improving technology access for low-income communities.
- Corporate sponsorship to assist in refurbishing and distributing computers and recycling batteries.
- Operating a facility that processes 5,000 tonnes of lithium-ion batteries annually.
- Expected $615 million gross transaction proceeds upon closing the business combination with Peridot.
- None.
Li-Cycle Corp. (“Li-Cycle” or “the Company”), North America’s largest lithium-ion battery recycling and resource recovery company, today announced that the Company is partnering with The Shore Foundation, a non-profit organization providing access to technology for low income individuals and families.
Li-Cycle is committed to Corporate Social Responsibility and using sustainability measures to improve the lives and livelihoods of the communities in which it operates, and the planet as a whole. Through its collaboration and corporate sponsorship, Li-Cycle will bolster The Shore Foundation’s ability to empower local communities through the enhancement of their technological access and distribution of refurbished laptop and desktop computers that have been given new life.
"We are very excited to launch our partnership with The Shore Foundation, as we have dedicated ourselves to supporting impactful ESG initiatives, ensuring that Li-Cycle does its part to improve our local communities. We have roots within the City of Rochester and understand and appreciate the value that The Shore Foundation offers to the citizens of Rochester and surrounding areas,” said Ajay Kochhar, Co-Founder, President and Chief Executive Officer of Li-Cycle. “We’re constantly looking for more opportunities to give back as we continue on our own mission to provide a circular solution for safe, sustainable resource recovery from end-of-life lithium-ion batteries.”
This commitment from Li-Cycle is expected to benefit many community groups that address issues like access to education, homelessness, at-risk youth, and job empowerment programs. Through the partnership, Li-Cycle will also assist The Shore Foundation with recycling of laptop lithium-ion batteries for computers that are unable to be refurbished and redistributed. Li-Cycle’s corporate sponsorship will run from 2021 to 2024 and will help cover the costs of refurbishing the laptops and desktop computers.
“We are thrilled to welcome Li-Cycle as our partner and greatly appreciate their support of our mission,” commented Megan Alchowiak, Executive Director of The Shore Foundation. “This is a great reflection of Li-Cycle's commitment to the community and now more than ever, this support will provide more refurbished computers to our neighbors in need.”
Li-Cycle operates a commercial lithium-ion battery recycling facility in Rochester, New York, processing up to 5,000 tonnes of lithium-ion batteries per year. The facility will supply “black mass,” an electrode mixture containing lithium, nickel cobalt, and other critical materials, to Li-Cycle's future Hub, which is currently in late stage development in Rochester, New York. The Hub will process black mass in order to produce critical, battery-grade materials from recycled sources, as well as other recycled materials that can be returned to the economy.
The imperative for economically and environmentally sustainable resource recovery and recycling is growing in lockstep with the rapid growth of battery manufacturing. Li-Cycle utilizes its patented Spoke & Hub Technologies™ to achieve the industry-leading recovery rate and to produce the critical battery materials underpinning the global growth in electric vehicle production. Legacy recycling technologies have largely relied on thermal operations, which can emit harmful emissions and result in lower recovery rates. Li-Cycle’s Spoke & Hub Technologies™ achieve up to
On February 16, 2021, Li-Cycle announced a definitive business combination agreement with Peridot Acquisition Corp. (NYSE: PDAC) (“Peridot”). Upon the closing of the business combination, which is expected in the second quarter of 2021, the combined company will be renamed Li-Cycle Holdings Corp. Li-Cycle intends to apply to list the common shares of the combined company on the New York Stock Exchange under the new ticker symbol, “LICY.” Li-Cycle is expected to receive approximately
About Li-Cycle Corp.
Li-Cycle is on a mission to leverage its innovative Spoke & Hub Technologies™ to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of critical battery materials. Lithium-ion rechargeable batteries are increasingly powering our world in automotive, energy storage, consumer electronics, and other industrial and household applications. The world needs improved technology and supply chain innovations to better manage battery manufacturing waste and end-of-life batteries and to meet the rapidly growing demand for critical and scarce battery-grade raw materials through a closed-loop solution. For more information, visit https://li-cycle.com/.
About The Shore Foundation
The Shore Foundation is a non-profit organization that provides access to technology for low-income individuals and families in our community. Over the last three years, The Shore Foundation has donated over 1,000 refurbished computers to schools and non-profit organizations in Upstate New York. A Microsoft Registered Refurbisher and e-waste recycler, The Shore Foundation aims to make a positive impact on the digital divide as well as the environment through their unique computer recycling and refurbishment process. www.theshorefoundation.com
Additional Information and Where to Find It
In connection with the proposed transaction involving Li-Cycle and Peridot, Li-Cycle Holdings Corp. (“Newco”) has filed with the SEC a registration statement on Form F-4 that includes both a prospectus of Newco and a proxy statement of Peridot (the “Proxy Statement/Prospectus”). Once effective, Peridot will mail the Proxy Statement/Prospectus to its shareholders and file other documents regarding the proposed transaction with the SEC. This communication is not a substitute for any proxy statement, registration statement, proxy statement/prospectus or other documents Peridot or Newco may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE, ANY AMENDMENTS OR SUPPLEMENTS TO THE PROXY STATEMENT/PROSPECTUS, AND OTHER DOCUMENTS FILED BY PERIDOT OR NEWCO WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of the Proxy Statement/Prospectus and other documents filed with the SEC by Peridot or Newco through the website maintained by the SEC at www.sec.gov.
Investors and securityholders are also able to obtain free copies of the documents filed by Peridot and/or Newco with the SEC on Peridot’s website at www.peridotspac.com or by emailing investors@li-cycle.com.
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities of Peridot or Newco or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Participants in the Solicitation
Li-Cycle, Peridot, Newco, and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of proxies in connection with the proposed transaction, including a description of their direct or indirect interests, by security holdings or otherwise, are set forth in the Proxy Statement/Prospectus. Information regarding the directors and executive officers of Peridot is contained in Peridot’s final prospectus for its initial public offering, filed with the SEC on September 24, 2020 and certain of its Current Reports filed on Form 8-K. These documents can be obtained free of charge from the sources indicated above.
Caution Concerning Forward-Looking Statements
Certain statements contained in this communication may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21 of the Securities Exchange Act of 1934, as amended, including statements regarding the proposed transaction involving Li-Cycle and Peridot and the ability to consummate the proposed transaction. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely”, “believe,” “estimate,” “project,” “intend,” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: (i) the risk that the conditions to the closing of the proposed transaction are not satisfied, including the failure to timely or at all obtain shareholder approval for the proposed transaction or the failure to timely or at all obtain any required regulatory clearances, including under the Hart-Scott Rodino Antitrust Improvements Act; (ii) uncertainties as to the timing of the consummation of the proposed transaction and the ability of each of Li-Cycle and Peridot to consummate the proposed transaction; (iii) the possibility that other anticipated benefits of the proposed transaction will not be realized, and the anticipated tax treatment of the combination; (iv) the occurrence of any event that could give rise to termination of the proposed transaction; (v) the risk that stockholder litigation in connection with the proposed transaction or other settlements or investigations may affect the timing or occurrence of the proposed transaction or result in significant costs of defense, indemnification and liability; (vi) changes in general economic and/or industry specific conditions; (vii) possible disruptions from the proposed transaction that could harm Li-Cycle’s business; (viii) the ability of Li-Cycle to retain, attract and hire key personnel; (ix) potential adverse reactions or changes to relationships with customers, employees, suppliers or other parties resulting from the announcement or completion of the proposed transaction; (x) potential business uncertainty, including changes to existing business relationships, during the pendency of the proposed transaction that could affect Li-Cycle’s financial performance; (xi) legislative, regulatory and economic developments; (xii) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak of war or hostilities and any epidemic, pandemic or disease outbreak (including COVID-19), as well as management’s response to any of the aforementioned factors; and (xiii) other risk factors as detailed from time to time in Peridot’s reports filed with the SEC, including Peridot’s annual report on Form 10-K, periodic quarterly reports on Form 10-Q, periodic current reports on Form 8-K and other documents filed with the SEC. The foregoing list of important factors is not exclusive. Neither Li-Cycle nor Peridot can give any assurance that the conditions to the proposed transaction will be satisfied. Except as required by applicable law, neither Li-Cycle nor Peridot undertakes any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
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