- Li-Cycle Holdings Corp (NYSE:LICY) has signed an agreement with VinES Energy Solutions for long-term battery recycling. The financial terms were not disclosed.
- From 2024, Li-Cycle will be a strategic and preferred recycling partner for VinES’ Vietnamese-sourced battery materials.
- The agreement further provides the possibility to construct a dedicated Spoke located close to VinES’ manufacturing site, which will benefit from the local demand for lithium-ion battery recycling solutions.
- Also Read: Car Battery Recycling At Last? New Agreement Touts 95% Recovery Of Lithium-Ion Units
- An investment decision regarding the dedicated Spoke facility is expected to be made in 2025.
- Meanwhile, Li-Cycle will facilitate the processing of VinES’ material utilizing its North American Spoke network.
- “By recycling battery production scrap and used batteries into the global mobility and energy storage industries, we can achieve a sustainable supply chain while reducing environmental impacts,” said Pham Thuy Linh, CEO of VinES.
- Price Action: LICY shares are trading higher by 0.89% at $5.68 on the last check Wednesday.
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