DUBLIN, Feb. 18, 2021 /PRNewswire/ --
TechMet funded Li-Cycle, an industry leader in
lithium-ion battery recycling, has entered into a definitive
business combination agreement with Peridot Acquisition Corp.
(NYSE: PDAC); upon closing the combined company will be renamed
Li-Cycle Holdings Corp. and will be listed on the New York Stock
Exchange under the new ticker symbol "LICY". See more
details on the Li-Cycle website.
- TechMet has been the primary funder of Li-Cycle over the last
two years as the company has developed its first two commercial
plants in Ontario, Canada and
Rochester, New York.
- The listing value of Li-Cycle is $1.67 billion, and the company is expected
to have $615 million of cash. The
pre-opening price of Peridot implies a Li-Cycle market cap of
$2.8 billion.
- TechMet, together with Moore Strategic Ventures, will be the
largest non-management shareholder of the new listed entity.
- The listing represents a 10x uplift on the value of TechMet's
investments into Li-Cycle.
Brian Menell, Chairman
& CEO of TechMet and Li-Cycle board member, commented "As
Li-Cycle's primary funder for the first commercial scale-up plants
in Canada and the US, we fully
support the business combination with Peridot and the listing on
NYSE. Li-Cycle now has the funding firepower to globally
scale this unique and environmentally sound recycling
technology. The seismic transformation of the global
mobility and energy landscape represent 'once-in-a-century'
investment opportunities, not least in the supply of key materials
that enable this transition. Li-Cycle represents a clear
winner in this supply chain."
About TechMet
TechMet is a private company building world class
projects that produce, process and re-cycle "technology metals"
critical to EVs, renewable energy systems and energy storage.
TechMet's target metals include: lithium, cobalt, nickel, rare
earth metals, tin, tungsten, and vanadium. TechMet's core
investments include:
- Brazilian Nickel PLC – nickel and cobalt production in
Brazil
- Li-Cycle – lithium-ion battery recycling.
- US Vanadium – vanadium specialty chemicals production in
Arkansas (USA).
- Tinco – the largest tin and tungsten mines in Rwanda
TechMet also has an interest in a producing Rare Earths metals
project and is developing TechMet Ventures to invest in new
opportunities across the supply-chain.
TechMet was privately backed until late 2020, when it received a
major investment from The US International Development Finance
Corporation, a US Government funding agency, which now holds a 25%
equity interest.
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