North American lithium-ion battery processor Li-Cycle will receive $100 million from an investment firm under the Koch Industries umbrella of companies.
Li-Cycle on Sept. 29 announced the capital funding, which the Toronto-headquartered battery processor will use to continue scaling up its battery recycling infrastructure. The company has made a number of recent announcements of expansion plans, including for facilities in Arizona and Alabama.
In a statement, company CEO Ajay Kochhar said the upcoming Koch investment will “further fund and accelerate the growth of our lithium-ion battery recycling footprint in North America and globally, as we scale our efficient and proven technology globally to grow in lockstep with our customers and pursue new market opportunities.”
The battery recycling firm said it is also exploring collaborations with a few Koch Industries subsidiaries, including Koch Engineered Solutions and Optimized Process Designs Group, the company stated.
Earlier this month, Li-Cycle was recognized by Canada’s Clean50 environmental sustainability awards, which highlighted Li-Cycle’s “sustainable and safe technology to address end-of-life batteries for both [electric vehicles] and consumer electronics to truly enable a closed loop economy.”
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