Li-Cycle, which specializes in lithium-ion battery resource recovery and is currently the leading lithium-ion battery recycler in North America, has announced that it has completed its business combination with Peridot Acquisition corporation. This has resulted in a new stock ticker symbol for Peridot, changing from $PDAC and $PDAC.WS to $LICY and $LICY.WS. Li-Cycle will begin trading on the New York Stock Exchange (NYSE) under the new tickers starting today.
Li-Cycle’s mission is to use its trademarked Spoke & Hub Technologies to create a customer-centric, end-of-life solution for lithium-ion batteries. Simultaneously, the company will be creating a secondary supply of critical battery materials. The press release added: “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.”
Ajay Kochhar, co-founder and Chief Executive Officer of Li-Cycle stated: “Consummation of our business combination with Peridot marks a significant milestone for Li-Cycle. Peridot’s support of our mission to close the battery supply chain loop has been instrumental, and we look forward to our ongoing partnership with their team. We are well-positioned to benefit from macroeconomic tailwinds as we scale our efficient and proven commercial lithium-ion recycling technology to grow in lockstep with our customers. As the electric vehicle revolution continues to ramp up, we believe our technology will be critical for supporting the growth of e-mobility globally, while ensuring sustainability and resource efficiency.”
Tim Johnston, co-founder and Executive Chairman of Li-Cycle said: “The transaction with Peridot has provided us with the funding to capitalize on significant growth opportunities, advance our breakthrough commercial technology, and build lithium-ion recycling facilities across the globe. Our solution transforms material treated as waste into considerable value via a truly fit-for-purpose pathway, providing the essential building blocks for batteries that are in critical demand. Sustainable lithium-ion battery recycling is imperative today and we believe that further execution of our vision will ultimately contribute to more affordable products for the end consumer.”
Alan Levande, the former Chairman and Chief Executive Officer of Peridot and now a Non-Executive Director of the Board of Directors of Li-Cycle commented: “Li-Cycle’s innovative business model, exceptional management team, and proven, disruptive technology provides the company with a strong competitive moat that is poised to benefit from global electrification. Since announcing the transaction, the Li-Cycle team has demonstrated excellent stewardship – announcing foundational commercial agreements, bolstering the leadership team with strategic hires, strengthening the Company’s IP, and importantly, furthering progress on building out the Company’s Spoke and Hub model. We are excited to see its future successes amplified in the public markets.”
Li-Cycle rang the closing bell at the NYSE today at 4:00pm to memorialize the completion of the business combination.