Canada’s Li-Cycle Corp., a lithium-ion battery resource recovery company, is planning to list on the New York Stock Exchange following a business combination with Peridot Acquisition Corp. (NYSE: PDAC), a publicly-traded special purpose acquisition company (SPAC). Upon closure of this transaction, the combined company will be renamed Li-Cycle Holdings Corp. and will be listed on the NYSE under the new ticker symbol “LICY.”
The pro forma equity value of the combined company is approximately $1.67 billion with the transaction expected to close in the second quarter of 2021.
The combined company will be led by Ajay Kochhar, Co-Founder, President and Chief Executive Officer of Li-Cycle, and Tim Johnston, Co-Founder and Executive Chairman.
Founded in Toronto in 2016, Li-Cycle is an industry-leading lithium-ion battery resource recovery company and the largest lithium-ion battery recycler in North America.
Ajay Kochhar, Co-Founder, President and Chief Executive Officer of Li-Cycle, says, “Li-Cycle’s patented technology is proven in the North American market as the leading way to recycle lithium-ion batteries and re-use recovered materials to make new batteries in a truly circular and sustainable manner. The capital raised in this transaction will fully fund our planned global growth. We are excited to partner with the Peridot team and enter the public markets, deliver on our mission and create long-term value for our customers, employees and shareholders.”
Tim Johnston, Co-Founder and Executive Chairman of Li-Cycle, comments, “We see a tremendous global market opportunity in front of us driven by the exponential growth of the electric vehicle market. Our ‘future proofed’ technology can recycle any battery chemistry economically, and our closed-loop solution provides the essential raw material building blocks for batteries that are in critical demand. The partnership with the Peridot team is an exciting and important milestone in Li-Cycle’s journey, further enabling Li-Cycle to achieve our mission and grow in lockstep with our customers – in North America and globally.”
Alan Levande, Chairman and Chief Executive Officer of Peridot who will join Li-Cycle’s Board of Directors, adds: “Li-Cycle is at the forefront of one of the most crucial and under-penetrated markets in clean technology that is growing in lock-step with the electrification of mobility. As the North American market leader, we believe Li-Cycle is a unique and compelling ESG investment opportunity for investors looking to participate in the global energy transition. We are delighted to partner with Li-Cycle to advance and scale its disruptive technology.”
Li-Cycle’s commercial battery supply customers include 14 of the largest global automotive and battery manufacturers.