\nThe Company\u2019s BESS partners are an important part of Li-Cycle\u2019s recycling feedstock mix. In 2024, Li-Cycle recycled the equivalent of more than 100 MWh of energy from its BESS partners, which was a 33% increase over the previous year. During Q4 2024, BESS accounted for approximately 27% of the Company\u2019s recycling feedstock in the U.S.<\/p>\n
\nThe U.S. energy storage market is expected to almost double from 34.4 GWh in 2024 to approximately 67.5 GWh in 2028, largely driven by grid-scale applications1<\/sup>. By recycling BESS and recovering critical materials in the U.S., Li-Cycle supports domestic energy independence and the onshoring of the energy supply chain.<\/p>\n \n\u201cLi-Cycle\u2019s BESS partnerships demonstrate how we can support the electrical grid by providing a valuable service,\u201d said Ajay Kochhar, Li-Cycle President and CEO. \u201cData centers supporting rapidly growing AI applications have become a leading driver of electricity demand in the U.S.2<\/sup>. BESS is well suited to address the swiftly growing energy needs of AI technologies through on-site energy solutions and supporting grid stability. Li-Cycle is an important BESS ecosystem partner as we provide a safe recycling solution and also recover critical materials already in use at commercial scale in the U.S., reducing reliance on foreign mineral supplies.\u201d<\/p>\n \nTwo examples below illustrate the end-to-end value offering that Li-Cycle delivers to its BESS partners:<\/p>\n Safely Recycling Hazardous Material for a BESS Customer<\/b><\/p>\n \nLi-Cycle received and processed battery modules from a BESS customer that were severely damaged. The modules were shipped as hazardous waste, underscoring the critical need to process the material quickly to maintain compliance and mitigate risk. All modules were received and processed safely and quickly at Li-Cycle\u2019s Arizona Spoke, providing a strong level of service and value-add to Li-Cycle\u2019s BESS customer.<\/p>\n Helping an Environmental Services Company Meet an Urgent Deadline<\/b><\/p>\n \nLi-Cycle assisted an environmental services company to receive and recycle hundreds of tonnes of modules, which was the equivalent of approximately 60 MWh, from a battery energy storage site. Through the Company\u2019s safe and efficient operational process, Li-Cycle was able to empty and reuse crates while working against a critical timeline to avoid impending winter weather that would impact the energy storage site\u2019s availability and working conditions. Li-Cycle met the BESS customer\u2019s urgent schedule, enabling the timely completion of this large-scale project.<\/p>\n About Li-Cycle Holdings Corp.<\/b><\/p>\n \nLi-Cycle (NYSE: LICY) is a leading global lithium-ion battery resource recovery company. Established in 2016, and with major customers and partners around the world, Li-Cycle\u2019s mission is to recover critical battery-grade materials to create a domestic closed-loop battery supply chain for a clean energy future. The Company leverages its innovative, sustainable and patent-protected Spoke & Hub Technologies\u2122 to recycle all different types of lithium-ion batteries. At our Spokes, or pre-processing facilities, we recycle battery manufacturing scrap and end-of-life batteries to produce black mass, a powder-like substance which contains a number of valuable metals, including lithium, nickel and cobalt. At our future Hubs, or post-processing facilities, we plan to process black mass to produce critical battery-grade materials, including lithium carbonate, for the lithium-ion battery supply chain. For more information, visit https:\/\/li-cycle.com\/<\/a>.<\/p>\n Forward-Looking Statements<\/b><\/p>\n Certain statements contained in this press release may be considered \u201cforward-looking statements\u201d within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, as amended, Section 21 of the U.S. Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. Forward-looking statements may generally be identified by the use of words such as \u201cbelieve\u201d, \u201cmay\u201d, \u201cwill\u201d, \u201ccontinue\u201d, \u201cexpect\u201d, \u201cshould\u201d, \u201cplan\u201d, \u201cpotential\u201d, \u201cfuture\u201d, or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward-looking statements in this press release include, but are not limited to, statements that the U.S. energy storage market is expected to almost double from 34.4 GWh in 2024 to approximately 67.5 GWh in 2028; the Company\u2019s expectations that by recycling BESS and recovering critical materials in the U.S., Li-Cycle will support domestic energy independence and the onshoring of the energy supply chain; and the Company\u2019s plans to provide a safe recycling solution and recover critical materials already in use at commercial scale in the U.S., reducing reliance on foreign mineral supplies.<\/i><\/p>\n These statements are based on various assumptions, whether or not identified in this press release, including but not limited to assumptions regarding Li-Cycle\u2019s ability to satisfy the drawdown conditions and access funding under the Company\u2019s DOE loan facility; the timing, scope and cost of Li-Cycle\u2019s projects, including paused projects; the processing capacity and production of Li-Cycle\u2019s facilities; Li-Cycle\u2019s ability to source feedstock and manage supply chain risk; Li-Cycle\u2019s ability to increase recycling capacity and efficiency; Li-Cycle\u2019s ability to obtain financing on acceptable terms or at all; the success of Li-Cycle\u2019s cash preservation plan; the outcome of the go-forward strategy of Li-Cycle\u2019s Rochester Hub; and Li-Cycle\u2019s ability to retain and hire key personnel and maintain relationships with customers, suppliers and other business partners. There can be no assurance that such estimates or assumptions will prove to be correct and, as a result, actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements.<\/i><\/p>\n These forward-looking statements are provided for the purpose of assisting readers in understanding certain key elements of Li-Cycle\u2019s current objectives, goals, targets, strategic priorities, expectations and plans, and in obtaining a better understanding of Li-Cycle\u2019s business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes and is not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability.<\/i><\/p>\n Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Li-Cycle and are not guarantees of future performance. Li-Cycle believes that these risks and uncertainties include, but are not limited to, the following: Li-Cycle\u2019s inability to fund the anticipated costs of, and realize the anticipated benefits from, its Spoke optimization plan; Li-Cycle\u2019s inability to satisfy the drawdown conditions and access funding under the DOE Loan Facility; Li-Cycle\u2019s inability to develop the Rochester Hub as anticipated or at all, and other future projects including its Spoke network expansion projects in a timely manner or on budget or that those projects will not meet expectations with respect to their productivity or the specifications of their end products; risk and uncertainties related to Li-Cycle\u2019s ability to continue as a going concern; Li-Cycle\u2019s insurance may not cover all liabilities and damages; Li-Cycle\u2019s reliance on a limited number of commercial partners to generate revenue; Li-Cycle\u2019s failure to effectively remediate the material weaknesses in its internal control over financial reporting that it has identified or its failure to develop and maintain a proper and effective internal control over financial reporting; and risks of litigation or regulatory proceedings that could materially and adversely impact Li-Cycle\u2019s financial results. These and other risks and uncertainties related to Li-Cycle\u2019s business are described in greater detail in the sections titled \u201cItem 1A. Risk Factors\u201d and \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operation\u2014Key Factors Affecting Li-Cycle\u2019s Performance\u201d in its Annual Report on Form 10-K and the sections titled \u201cPart II. Other Information\u2014Item 1A. Risk Factors\u201d and \u201cPart I. Financial Information\u2014Item 2. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operation\u2014Key Factors Affecting Li-Cycle\u2019s Performance\u201d in its Quarterly Reports on Form 10-Q, in each case filed with the SEC and the Ontario Securities Commission in Canada. Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. Actual results could differ materially from those contained in any forward-looking statement.<\/i><\/p>\n Li-Cycle assumes no obligation to update or revise any forward-looking statements, except as required by applicable laws. These forward-looking statements should not be relied upon as representing Li-Cycle\u2019s assessments as of any date subsequent to the date of this press release.<\/i><\/p>\n ________________________________ View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250210188028\/en\/<\/a><\/span><\/p>\n Investor Relations & Media<\/b><\/p>\n \nLouie Diaz \nInvestor Relations: investors@li-cycle.com KEYWORDS:<\/b> North America Canada<\/p>\n INDUSTRY KEYWORDS:<\/b> Batteries Sustainability Environment Hardware Artificial Intelligence Data Management Recycling Technology<\/p>\n
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<\/sup><\/i>1<\/i><\/sup> Source: Wood Mackenzie.
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<\/i>2<\/sup><\/i> Source: Grid Strategies.<\/i><\/p>\n<\/p>\n
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Sheldon D’souza<\/p>\n
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Media: media@li-cycle.com<\/a><\/p>\n
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