Industry Value Chain

Li-Cycle: Ups & Down of a Dream Start & Early Growth 2016 Founded in Ontario, Canada, by engineers Ajay Kochhar and Tim Johnston1,2. Hydrometallurgical processing method with IP-protected Spoke & Hub TechnologiesTM 1. 2021 A $100 million investment from Spring Creek Capital3. 2021 Public on the New York Stock Exchange via a SPAC merger2.

Expansion

Hindrances

2022 Rochester Hub Construction in New York2,4.

Escalating costs paused construction at the Rochester Hub3.

2022: strategic partnership with LG Energy Solution and LG Chem, involving a $50 million investment and a long-term offtake agreement3. 2022: investment by Glencore of $200 million via an unsecured convertible note3. 2022 2023 Operational commence of some Spokes3,4. 2023: conditional $375 million loan commitment from DOE to support the Rochester Hub5.

Source: 1 | 2 | 3 | 4 | 5 | 6 | [7 | 8 | 9 | 10

Cash Preservation Plan3. A $75 million emergency investment by Glencore6. DOE loan increase to $475 million7. delisted from the NYSE and transitioned to the OTCQX Best Market4,8.

Restructuring 2025 Formation of an independent directorsʼ committee to assess financial and strategic options, including potential sale to a longtime investor7. Filed for creditor protection under the Companiesʼ Creditors Arrangement Act CCAA) in Canada and Chapter 15 bankruptcy in the United States9. Glencore entered a "stalking horse" credit bid of $40 million for a significant portion of the companyʼs assets9. Li-Cycle, now Glencore Battery Recycling (“GBRˮ), has been acquired by Glencore Plc10.

Extracted from the PDF; charts and images may read imperfectly.