Li-Cycle Says Glencore To Invest $200 Mln In Convertible Notes

(RTTNews) - Lithium-ion battery recycler Li-Cycle Holdings Corp. (LICY) on Thursday announced long-term strategic partnership with trading and mining company Glencore plc.

As per the deal, Glencore will make $200 million investment in Li-Cycle by purchasing a convertible note in the same amount, with a conversion price of $9.95 per Li-Cycle share.

Glencore is expected to supply all types of manufacturing scrap and end-of-life lithium-ion batteries to Li-Cycle.

The companies will also enter into arrangements for black mass supply and Off-take, hub end-products and by-products off-take and key reagent supply, Li-Cycle said.

Li-Cycle shares are up more than 3% in pre-market. It closed at $7.19, up 3.3% on Wednesday.