Achieves Key Growth Milestones to Advance
Sustainable Battery Recycling Globally
Li-Cycle Corp., North America’s largest lithium-ion battery
resource recycling company, is honoring National Battery Day by
encouraging consumers and organizations to locate their used
batteries and take action to recycle them responsibly.
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Li-Cycle Battery Infographic
Lithium-ion rechargeable batteries are increasingly powering the
world in industrial energy storage, automotive, and consumer
electronic applications. The number of mobile devices operating
worldwide is expected to reach 17.72 billion by 2024, an increase
of 3.7 billion devices compared to 2020 levels, according to
Statista. Similarly, the rapid adoption of electric vehicles
underway is even more impactful to related critical end markets.
All of these applications use lithium-ion batteries, creating
significant global demand for the materials used to manufacture
them. To meet this growing demand, Li-Cycle provides an affordable,
safe and environmentally friendly processes to recycle all types of
lithium-ion batteries.
“Today serves as a reminder that we are celebrating Li-Cycle’s
success while embracing our collective efforts to ensure a
sustainable future through responsible battery recycling,” said
Li-Cycle Co-Founder and CEO Ajay Kochhar. “We are strong advocates
for the critical importance of battery recycling and are proud to
amplify the message of National Battery Day to encourage citizens
of the world to take action. We look forward to further growing our
business across North America, as well as globally, while
maintaining a firm commitment to environmental sustainability and
rigorous health and safety standards.”
Li-Cycle has achieved the following recent company milestones to
drive forward its 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
- Health, Safety, Environment and Quality (HSEQ):
Li-Cycle’s Ontario head office and Kingston, Ontario recycling
facilities received certification for four industry standards: ISO
(International Standards Organization) 9001 quality standard, ISO
14001 environmental standard, ISO 45001 employee health and safety
standard and the R2 (Responsible Recycling) electronics recycling
standard. The Company’s world-class policies and approaches to
rigorous health and safety resulted in zero lost time incidents
(LTIs) and environmental incidents in 2020 and 2021 (year to
date).
- R&D, Commercialization and Operations: Li-Cycle
successfully secured three US patents in 2020 to further strengthen
its intellectual property portfolio. In May 2020, Li-Cycle
completed construction of its Commercial Spoke 1 in Kingston,
Ontario and the construction of its Commercial Spoke 2 at Eastman
Business Park (EBP) in Rochester, New York was completed in
December 2020. Both facilities are now operational with a combined
resource recovery capacity of 10,000 tonnes of lithium-ion
batteries per year. The Company is in the later stages of execution
for its critical Rochester, New York-based Hub facility, for which
completion and the start of ramp-up is expected between Q4 2022 and
Q1 2023.
- Commercial Performance: Li-Cycle has successfully
secured over 40 contracts for the supply of batteries from leading
automotive OEMs, energy storage businesses and consumer electronics
channels, a testament to the Company’s strong reputation with key
customers and counterparties. In preparation for the commercial
Hub’s operations, Li-Cycle has also entered into an agreement with
Traxys for the Hub’s end products: lithium carbonate, nickel
sulphate, cobalt sulphate, manganese carbonate, and graphite.
- Corporate Growth and Expansion: On February 16, 2021,
Li-Cycle announced a definitive business combination agreement with
Peridot Acquisition Corp. (NYSE: PDAC). Upon closing of the
transaction, Li-Cycle is expected to be listed on the New York
Stock Exchange under the ticker “LICY” and is expected to receive
approximately $615 million in gross transaction proceeds, enabling
the company to fully fund its planned global expansion.
About Li-Cycle Corp.
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/.
Additional Information and Where to Find It
In connection with the proposed transaction involving Li-Cycle
and Peridot, Li-Cycle Holdings Corp. (“Newco”) will prepare and file with the SEC a
registration statement on Form F-4 that will include a document
that will serve as both a prospectus of Newco and a proxy statement
of Peridot (the “Proxy
Statement/Prospectus”). Li-Cycle, Peridot and Newco will
prepare and file the Proxy Statement/Prospectus with the SEC and
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 will also be 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, will be set forth in
the Proxy Statement/Prospectus and other relevant materials when it
is filed with the SEC. 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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