Mississauga-based Li-Cycle, which recycles lithium batteries, is going public on the New York Stock Exchange at a valuation of more than CAD$2.1 billion.
Li-Cycle's business has boomed lately as electric vehicles — which are powered by batteries — have grown in popularity.
- The company currently has plants in Kingston, ON and Rochester, NY, but plans to open 3 more in the next 5 years along with 20 regional branches that will collect batteries across North America, Europe, and Asian.
460,000 tonnes of lithium batteries reached the end of their life in 2020. Li-Cycle projects that number will explode to 15 million tonnes by 2030.
Big picture: The demand for lithium-ion batteries is only growing, with projections showing we'll need 11x more battery power by 2030 than we have today. But it takes years to spin up new lithium mining operations, so recycling that augments our supply will be key to rolling out more battery powered products like EVs.