Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
2023 03 27T101302Z 1 LYNXMPEJ2Q0DB RTROPTP 4 USA MINING LI CYCLE HLDG - Business Express

Li-Cycle to build French battery processing facility


By Ernest Scheyder

(Reuters) – Li-Cycle Holdings Corp said on Monday it will build a French facility to break down batteries from forklift manufacturer The Kion Group, marking the latest expansion by the rapidly growing recycling company.

The French facility, which is expected to open in 2024 and complement similar sites under development in Germany and Norway, will break down lithium-ion batteries that power Kion’s forklifts and other heavy machinery, giving Li-Cycle a fresh source of batteries to recycle beyond the consumer automobile market.

Li-Cycle declined to disclose how much it is spending on the French operation, though the company has a $40 million budget for the year to build such battery processing facilities across the globe.

“We believe strongly in a regional approach to recycling as our customers begin to localize their own supply chains,” Tim Johnston, Li-Cycle’s executive chairman, told Reuters. “Europe continues to be a growth center for electrification, so we are going to continue to grow there.”

Li-Cycle estimates that a majority of Kion’s 1.7 million forklifts are powered by lithium-ion batteries. Given their heavy use, those batteries are likely to wear down faster than those powering consumer automobiles.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

Li-Cycle’s European plan is based in part on its North American hub-and-spoke network, in which the company has built collection and processing facilities across the continent to turn batteries into black mass, which is essentially shredded battery parts.

A central facility under construction in Rochester, New York, will further break down that black mass into lithium, nickel and other metals. Li-Cycle plans for now to produce black mass at its French and other European sites, and then ship that material to Rochester for processing, Johnston said.

The French announcement comes less than a month after European Commission President Ursula von der Leyen visited Li-Cycle’s battery processing facility in Ontario.

 

(Reporting by Ernest Scheyder; Editing by Bill Berkrot)

 

Recent Post: