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Li-Cycle shares jump on securing $75 million investment from Glencore

Reuters
·1 min read

(Reuters) - Battery recycling firm Li-Cycle Holdings said on Tuesday it has secured an additional $75 million investment through a convertible note from Swiss miner and commodities trader Glencore.

Shares of the Toronto, Ontario-based company jumped 33% to 54 cents.

Glencore had announced an investment of $200 million into Li-Cycle in 2022 through the purchase of a convertible note, as a strategic commercial partnership to supply both primary and recycled critical battery materials globally.

“We are pleased to secure an additional $75 million investment from Glencore, following Glencore’s June 2022 investment, to improve our liquidity position while we continue our ongoing comprehensive review process," said Ajay Kochhar, CEO of Li-Cycle Holdings.

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Li-Cycle had said in November it will evaluate financing and strategic alternatives as the company with grappled liquidity issues amid construction of its flagship battery recycling facility in Rochester, New York.

(Reporting by Tanay Dhumal in Bengaluru; Editing by Tasim Zahid)