“This is a key step in establishing a strong long-term foundation for the vertical integration of the battery materials supply chain,” Sinha said in a press release. “Together, we will be expanding the spectrum of battery material supply solutions to a broader global customer base, particularly in Europe and North America.”
Li-Cycle’s CEO Ajay Kochhar said that the agreements would “further secure and diversify” the company’s lithium-ion battery supply and feedstock sources and help improve its position in North America and Europe.
The demand for lithium-ion batteries, used in electric vehicles (EV), has been on the rise, as the world looks to meet its goal of transitioning away from fossil fuels by 2050. The recycling of lithium-ion batteries, however, is not expected to take off before 2030 due to obstacles such as the lack of recyclable feedstock and the long life of EVs, according to Wood Mackenzie.
