Li-Cycle and Renewance to offer integrated
commercial lithium-ion battery recycling and decommissioning
solution across North America
Li-Cycle Corp. (“Li-Cycle” or “the Company”), an industry leader
in lithium-ion battery resource recovery and the leading
lithium-ion battery recycler in North America, today announced a
partnership with Renewance, a leading life-cycle battery management
company, to deliver a safe, sustainable, and cost-effective
lithium-ion battery recycling solution for end-of-life energy
storage systems.
The deployment of energy storage systems has significantly
progressed in recent years and the U.S. energy storage market is
set to grow to nearly 26.5 gigawatt hours annually by 2025 and will
account for 50% of the global market this year, according to the
U.S. Energy Storage Monitor and IHS Markit. Lithium-ion batteries
are the primary technology used to store energy and as systems go
offline or are upgraded, it is imperative to sustainably return the
end-of-life batteries back into the supply chain. By combining
their respective strengths in lithium-ion battery recycling and
battery life cycle management software and services, Li-Cycle and
Renewance expect to play an important role in helping developers
and utilities decommission energy storage systems safely,
recovering the valuable materials from within the end-of-life
batteries, and returning those materials to the economy.
“This partnership with Renewance is a major breakthrough for us
as we make considerable inroads in the energy storage market, which
is going through substantial growth and in turn will produce a
substantial supply of end-of-life batteries that need to be
recycled,” said Kunal Phalpher, Chief Commercial Officer of
Li-Cycle. “We will enhance Renewance’s abilities to deliver value
through efficiently managing its clients’ batteries through our
Spoke facilities, strategically located close to regions with high
penetration of energy storage systems.”
Li-Cycle and Renewance have been collaborating on energy storage
projects since the beginning of 2020, and the parties believe that,
with the formalization of their partnership, they are well
positioned to grow the scope and scale of energy storage system
lithium-ion batteries requiring recycling continue to grow.
Li-Cycle’s recently announced third commercial lithium-ion battery
recycling facility (or “Spoke”) will be critical in this regard due
to its proximity to California, which was an early adopter of
energy storage projects and leads the rest of the United States.
Li-Cycle’s Spoke facility in Rochester, NY will also be essential
in recovering resources from end-of life-lithium-ion batteries from
energy storage systems on the U.S. East Coast.
“Renewance and Li-Cycle share the same mission to enable a more
sustainable battery energy storage ecosystem,” said Tom Newhall,
Chief Operating Officer of Renewance. “We bring a wealth of
experience on regulatory considerations to decommissioning and
reverse supply chain processes and Li-Cycle brings a strong
capability of recovering critical battery materials from
lithium-ion batteries in a sustainable and safe manner. We are
looking forward to working closely with Li-Cycle on this mutually
beneficial partnership.”
On February 16, 2021, Li-Cycle announced its entry into a
definitive business combination agreement with Peridot Acquisition
Corp. (NYSE: PDAC) (“Peridot”). Upon the closing of the business
combination, which is expected in the third quarter of 2021, the
combined company will be named Li-Cycle Holdings Corp. (“Newco”).
Li-Cycle intends to apply to list the common shares of the combined
company on the New York Stock Exchange under the new ticker symbol,
“LICY.”
About Li-Cycle
Li-Cycle is on a mission to leverage its innovative Spoke &
Hub Technologies™ to provide a customer-centric, end-of-life
solution for lithium-ion batteries, while creating a secondary
supply of critical battery materials. Lithium-ion rechargeable
batteries are increasingly powering our world in automotive, energy
storage, consumer electronics, and other industrial and household
applications. The world needs improved technology and supply chain
innovations to better manage battery manufacturing waste and
end-of-life batteries and to meet the rapidly growing demand for
critical and scarce battery-grade raw materials through a
closed-loop solution. For more information, visit
https://li-cycle.com/.
About Renewance
Renewance provides battery life cycle management software and
services to some of the world’s largest energy storage companies.
Users of the online platform Renewance Connect™ are provided with
the most cost effective and environmentally friendly turnkey
industrial battery reuse and recycling solutions. Renewance is a
winner of the Department of Energy Battery Recycling Prize, focused
on improving the reverse supply chain. Renewance has extensive
related experience, including such projects as: executing turnkey
decommissioning, repurposing and recycling of several large
multi-MWh energy storage systems and leading a global battery take
back program. Renewance plays a leadership role in driving the
creation of reverse supply chain best practices and actively
participates in programs such as the ESA Corporate Responsibility
Initiative. For more information, visit
http://batterystewardship.com/.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
In connection with the proposed business combination involving
Li-Cycle and Peridot, Newco has prepared and filed with the SEC a
registration statement on Form F-4 that includes both a prospectus
of Newco and a proxy statement of Peridot (the “Proxy
Statement/Prospectus”). Once effective, Peridot will mail the Proxy
Statement/Prospectus to its shareholders and file other documents
regarding the proposed transaction with the SEC. This communication
is not a substitute for any proxy statement, registration
statement, proxy statement/prospectus or other documents Peridot or
Newco may file with the SEC in connection with the proposed
transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ
CAREFULLY AND IN THEIR ENTIRETY THE PROXY STATEMENT/PROSPECTUS WHEN
IT BECOMES AVAILABLE, ANY AMENDMENTS OR SUPPLEMENTS TO THE PROXY
STATEMENT/PROSPECTUS, AND OTHER DOCUMENTS FILED BY PERIDOT OR NEWCO
WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION BECAUSE
THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION. Investors and
security holders will be able to obtain free copies of the Proxy
Statement/Prospectus and other documents filed with the SEC by
Peridot or Newco through the website maintained by the SEC at
www.sec.gov.
Investors and securityholders will also be able to obtain free
copies of the documents filed by Peridot and/or Newco with the SEC
on Peridot’s website at www.peridotspac.com or by emailing
investors@li-cycle.com.
PARTICIPANTS IN THE SOLICITATION
Li-Cycle, Peridot, Newco, and certain of their respective
directors, executive officers and employees may be deemed to be
participants in the solicitation of proxies in connection with the
proposed transaction. Information regarding the persons who may,
under the rules of the SEC, be deemed participants in the
solicitation of proxies in connection with the proposed
transaction, including a description of their direct or indirect
interests, by security holdings or otherwise, are set forth in the
Proxy Statement/Prospectus. Information regarding the directors and
executive officers of Peridot is contained in Peridot’s Annual
Report on Form 10-K for the year ended December 31, 2020, filed
with the SEC on March 26, 2021 and certain of its Current Reports
filed on Form 8-K. These documents can be obtained free of charge
from the sources indicated above.
NO OFFER OR SOLICITATION
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities of Peridot or Newco
or a solicitation of any vote or approval. No offer of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933, as
amended.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Certain statements contained in this communication may be
considered forward-looking statements within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995, Section 27A
of the Securities Act of 1933, as amended, and Section 21 of the
Securities Exchange Act of 1934, as amended, including statements
regarding the proposed transaction involving Li-Cycle and Peridot
and the ability to consummate the proposed transaction.
Forward-looking statements generally include statements that are
predictive in nature and depend upon or refer to future events or
conditions, and include words such as “may,” “will,” “should,”
“would,” “expect,” “anticipate,” “plan,” “likely”, “believe,”
“estimate,” “project,” “intend,” and other similar expressions
among others. Statements that are not historical facts are
forward-looking statements. Forward-looking statements are based on
current beliefs and assumptions that are subject to risks and
uncertainties and are not guarantees of future performance. Actual
results could differ materially from those contained in any
forward-looking statement as a result of various factors,
including, without limitation: (i) the risk that the conditions to
the closing of the proposed transaction are not satisfied,
including the failure to timely or at all obtain shareholder
approval for the proposed transaction or the failure to timely or
at all obtain any required regulatory clearances, including under
the Hart-Scott Rodino Antitrust Improvements Act; (ii)
uncertainties as to the timing of the consummation of the proposed
transaction and the ability of each of Li-Cycle and Peridot to
consummate the proposed transaction; (iii) the possibility that
other anticipated benefits of the proposed transaction will not be
realized, and the anticipated tax treatment of the combination;
(iv) the occurrence of any event that could give rise to
termination of the proposed transaction; (v) the risk that
stockholder litigation in connection with the proposed transaction
or other settlements or investigations may affect the timing or
occurrence of the proposed transaction or result in significant
costs of defense, indemnification and liability; (vi) changes in
general economic and/or industry specific conditions; (vii)
possible disruptions from the proposed transaction that could harm
Li-Cycle’s business; (viii) the ability of Li-Cycle to retain,
attract and hire key personnel; (ix) potential adverse reactions or
changes to relationships with customers, employees, suppliers or
other parties resulting from the announcement or completion of the
proposed transaction; (x) potential business uncertainty, including
changes to existing business relationships, during the pendency of
the proposed transaction that could affect Li-Cycle’s financial
performance; (xi) legislative, regulatory and economic
developments; (xii) unpredictability and severity of catastrophic
events, including, but not limited to, acts of terrorism, outbreak
of war or hostilities and any epidemic, pandemic or disease
outbreak (including COVID-19), as well as management’s response to
any of the aforementioned factors; and (xiii) other risk factors as
detailed from time to time in Peridot’s reports filed with the SEC,
including Peridot’s annual report on Form 10-K, periodic quarterly
reports on Form 10-Q, periodic current reports on Form 8-K and
other documents filed with the SEC. The foregoing list of important
factors is not exclusive. Neither Li-Cycle nor Peridot can give any
assurance that the conditions to the proposed transaction will be
satisfied. Except as required by applicable law, neither Li-Cycle
nor Peridot undertakes any obligation to revise or update any
forward-looking statement, or to make any other forward-looking
statements, whether as a result of new information, future events
or otherwise.
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