LG Energy Solution, LG Chem invest in lithium-ion battery recycling firm Li-Cycle
2021-12-15 08:56:04

Asian Tech Press (Dec 15) -- Electric vehicle battery maker LG Energy Solution and its parent company LG Chem are joining forces to invest in Li-Cycle, a lithium-ion battery recycling company.

LG Chem and LG Energy Solution will make a strategic investment of $50 million in Li-Cycle, with each company contributing $25 million to acquire Li-Cycle's common stock.

In addition to the strategic investment, the three companies have also reached a cooperation agreement on the business side. Under the agreement, LG Energy Solution will supply Li-Cycle with waste batteries generated during production and recycled lithium-ion batteries. In contrast, Li-Cycle will supply 20,000 tons of nickel to LG Energy Solution and LG Chem over a 10-year period, starting in 2023.

LG Energy Solution said on its official website that the 20,000 tons of nickel supplied to them by Li-Cycle over ten years will produce lithium-ion batteries that can be assembled into about 300,000 high-performance electric vehicles.

Li-Cycle, founded in 2016, is a manufacturer that specializes in recovering key lithium-ion battery raw materials such as nickel and cobalt from discarded batteries.

Email Subscription
Newsletters and emails are now available! Delivered on time, every weekday, to keep you up to date with North American business news.
ASIA TECH WIRE

Grasp technology trends

Download