Glencore obtains Li-Cycle in a deal during financial hardships
Glencore, a global mining and resource giant, has announced its acquisition of Li-Cycle, a Canadian lithium-ion battery recycler. The move aims to consolidate and expand Glencore's battery recycling capabilities globally, with a particular emphasis on North American and European markets.
The acquisition includes several key facilities and projects. Li-Cycle's existing infrastructure, which includes four North American spoke facilities and one in Magdeburg, Germany, will be integrated into Glencore's operations under the new brand, Glencore Battery Recycling (GBR). These facilities convert used batteries into black mass and then chemically process it to recover metals with high purity.
The spoke facility in Magdeburg, Germany, opened in September 2023, is one of the largest battery recycling plants in Europe, capable of processing up to 10,000 tonnes annually. This provides Glencore a strong foothold in the European market.
The Rochester Hub project in New York, which is still under construction, is a key project where black mass from spoke facilities will be refined chemically to recover battery metals. Its completion and integration into Glencore’s supply chain are central to the redevelopment and expansion plans.
Glencore expects the acquisition to bring “continued value and enhanced service” to customers across automotive, battery, and energy sectors, integrating Li-Cycle's technology and operational expertise into Glencore's established raw materials network.
However, no new development plans or additional construction projects have been publicly announced yet beyond continuing and completing the Rochester Hub. Updates on the acquisition will be provided later.
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Before the acquisition, Li-Cycle faced ongoing financial struggles. It's also worth mentioning that Glencore previously provided a loan to Li-Cycle.
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As Glencore moves forward with its acquisition, it's clear that the company is committed to growing its battery recycling business and supporting the development of sustainable solutions for the future.
The acquisition of Li-Cycle, a battery recycler, by Glencore, a global resource giant, will integrate Li-Cycle's facilities, including one in Magdeburg, Germany, into Glencore's operations under the new brand, Glencore Battery Recycling (GBR). Glencore anticipates that the acquisition will bring added value to customers in the automotive, battery, and energy sectors, leveraging Li-Cycle's technology and operational expertise within Glencore's existing raw materials network. Amidst financial struggles, Li-Cycle received a loan from Glencore before the acquisition.
