Watch Li-Cycle Q2 2022 Earnings Call On June 14
Li-Cycle is hosting its second quarter of 2022 financial results on June 14, 2022, at 8:30 am EST. You can watch online here. During the first quarter of 2022, Li-Cycle reported that it reached a significant milestone for the Rochester Hub project. the company obtained key environmental permits for its Rochester Hub, which will be the first hydrometallurgical battery resource recovery facility in North America. As of January 31, 2022, the company had $552.2 million in cash on hand, and it also increased its revenue by 277% to $3.8 million.
Li-Cycle expects its strong balance sheet of $552 million to fund the large majority of all of its capital needs for the Rochester Hub, the five Spokes in development, and expected operating needs over the next two years.
For those not following Li-Cycle closely, the Spokes and Hubs are its two types of battery recycling facilities. The Spoke facilities focus on safely and efficiently transforming lithium-ion batteries from a charged state into an inert product. The Hub facilities process the cathode and anode materials into battery-grade end-products for reuse in lithium-ion battery production. Or other applications, even.
Ajay Kochhar, Li-Cycle’s President and CEO, touched upon the Arizona Spokes during the company’s Q1 2022 earnings call. Kochhar said, “Black mass production increased more than 190% over last year as our Ontario and New York Spokes expanded their production. With our Arizona and Alabama Spokes becoming operational this year, we are on track to reach our black mass production target for fiscal 2022.”
Black mass is a reference to the battery materials after they’ve been separated from the mixed copper and aluminum once batteries have been safely broken down into inert materials. Kochhar added that Li-Cycle made meaningful progress in advancing the Rochester Hub. He said that the achievement of gaining the necessary environmental permits in record time was clear proof of both the regulatory and community support for its battery recycling technologies.
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