Li-Cycle Announces Launch of Proposed Underwritten Public Offering
Tuesday, Jan 14, 2025 8:25 pm ET
1min read Li-Cycle Holdings Corp. (NYSE: LICY), a leading global lithium-ion battery resource recovery company, has announced the launch of a proposed underwritten public offering of 10,000,000 shares of its common stock. The offering is expected to generate approximately $615 million in additional funding for the company, which will be used to expand its recycling capabilities and support its growth strategy.
The proposed offering is being led by Peridot Acquisition Corp. (NASDAQ: PDAC), a special purpose acquisition company (SPAC) that merged with Li-Cycle in August 2021. The merger provided Li-Cycle with approximately $6.15 billion in additional funding, which the company used to build new recycling facilities and expand its operations.
Li-Cycle's patented Spoke & Hub Technologies™ enable the company to recover up to 95% of the materials inside lithium-ion batteries using a wet-chemistry process, which produces minimal wastewater and low emissions. The company's unique recycling process allows it to recover valuable materials such as lithium, cobalt, and nickel, which can be reused in new batteries or other applications.
The proposed offering is a testament to Li-Cycle's strong market position and the growing demand for sustainable and efficient battery recycling solutions. The company's innovative technology and commitment to environmental sustainability have made it a leader in the lithium-ion battery recycling industry.
The global market for lithium-ion batteries is expected to grow at a CAGR of 12.3% from 2021 to 2028, driven by the increasing adoption of electric vehicles and energy storage systems. This growth presents significant opportunities for Li-Cycle to expand its recycling capabilities and capture a larger share of the market.
Li-Cycle's proposed underwritten public offering is an exciting development for the company and the broader battery recycling industry. The additional funding will enable Li-Cycle to expand its recycling capabilities, invest in new technologies, and support its growth strategy. As the demand for lithium-ion batteries continues to grow, Li-Cycle is well-positioned to capitalize on the market opportunity and become a leading player in the global battery recycling industry.
In conclusion, Li-Cycle's proposed underwritten public offering is a significant milestone for the company and a testament to its strong market position and growth potential. The additional funding will enable Li-Cycle to expand its recycling capabilities, invest in new technologies, and support its growth strategy. As the demand for lithium-ion batteries continues to grow, Li-Cycle is well-positioned to capitalize on the market opportunity and become a leading player in the global battery recycling industry.
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