EUR 6,4M – Li-Cycle Receives Approval for Government Grant from State of Saxony-Anhalt for Lithium-Ion Battery Recycling Facility.
Li-Cycle Germany GmbH, a subsidiary of Li-Cycle Holdings Corp. (NYSE: LICY) (“Li-Cycle” or the “Company”), a leading global lithium-ion battery resource recovery company, is pleased to announce that it has received approval from the State of Saxony-Anhalt for a grant of up to €6.4 million for its lithium-ion battery Spoke recycling facility, located in Sülzetal, Saxony-Anhalt, as part of the “Improving the Regional Economic Structure” program.
Today, the Company was honoured to host the Minister of Economy for Saxony-Anhalt, Mr. Sven Schulze, at the recycling facility, which opened in August 2023 as the Company’s first European Spoke. During the visit and tour of the Germany Spoke, Minister Schulze was joined by Richard Storrie, Li-Cycle’s Regional President, EMEA, and the two exchanged views on the importance of both safe and environmentally friendly battery recycling and supporting a localized battery materials supply chain in Germany.
Mr. Sven Schulze, Saxony-Anhalt’s Minister of Economic Affairs, said:
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Li-Cycle is one of the world’s leading companies in the battery recycling and resource recovery space, which is an important industry for the future.
“We are pleased to be able to support the investment of another innovative and globally active player in our federal state. This will not only create jobs, it will also have further effects for the municipality of Sülzetal and for Saxony-Anhalt as a business location.”
Mr. Storrie, said:
We would like to extend our gratitude to Minster Schulze and Saxony-Anhalt for providing this grant approval, which further endorses the positive impact of our technologies and our ability to support clean energy jobs in Germany.
“Li-Cycle aims to help create a regional closed loop ecosystem of critical battery materials to support green energy goals for Germany and the EU, while accelerating the transition to electric vehicles.”
The Germany Spoke utilizes Li-Cycle’s novel and patented technology to sustainably recycle lithium-ion battery materials in a safe and efficient submerged shredding process. Li-Cycle’s Germany Spoke can also process full electric vehicle and energy storage battery packs without the need for disassembly, discharging, or thermal processes, and it is capable of recycling all types of lithium-ion battery materials regardless of chemistry or form factor. The Germany Spoke currently has annual lithium-ion battery processing capacity of up to 10,000 tonnes per year, with potential to expand up to 30,000 tonnes per year, making it one of the largest facilities of its kind in Europe.
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EUR 6,4M – Li-Cycle Receives Approval for Government Grant from State of Saxony-Anhalt for Lithium-Ion Battery Recycling Facility. source
