Li-Cycle Forms JV To Build New Lithium-Ion Battery Recycling Facility In Norway
Li-Cycle Holdings Corp (NYSE: LICY) has formed a joint venture with Morrow Batteries AS and ECO STOR AS to build a new Lithium-ion battery recycling facility in Norway.
Li-Cycle will be the majority owner of the joint venture, with ECO STOR and Morrow as minority owners and Nordic-headquartered strategic partners.
Through this JV, Li-Cycle will construct a new commercial lithium-ion battery recycling facility in southern Norway. The facility is expected to be operational in early 2023.
Once constructed, the Norwegian Spoke will be Li-Cycle's first recycling facility outside North America, capable of processing up to 10,000 tonnes of lithium-ion batteries per year.
ECO STOR will provide the joint venture with end-of-life lithium-ion batteries. Morrow will provide lithium-ion battery manufacturing scrap from its planned battery manufacturing facilities in Norway.
Li-Cycle will provide equipment, technology, technical services, and operational management for the Spoke facility while having the right to acquire 100% of the facility's production of black mass.
Price Action: LICY shares traded higher by 4.10% at $7.61 during the premarket session on Wednesday.
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