Glencore Completes Acquisition of Li-Cycle Battery Recycling Assets

Glencore Canada Corp., a major commodity trading and mining company, has completed the acquisition of lithium-ion battery recycler Li-Cycle's key assets through a credit bid and assumption of certain liabilities, following Li-Cycle's Chapter 15 bankruptcy filing and creditor protection proceedings. The acquisition includes Li-Cycle’s pre-processing facilities in Germany, Arizona, Alabama, New York, and Ontario, its intellectual property portfolio, and the flagship Rochester Hub project, whose construction has been on hold due to financial difficulties and lawsuits. Li-Cycle had struggled financially amid cost overruns and halted expansion at its Rochester facility, which had promised significant employment but faced operational and funding challenges partly linked to the Trump administration's reduced support for clean energy projects. Prior to the acquisition, Li-Cycle had been delisted from the New York Stock Exchange and paused construction at its Rochester Hub, while Glencore was already a key strategic partner, having provided financial support and signed supply agreements with Li-Cycle. Glencore has not disclosed specific plans for the future of the Rochester site but expressed confidence that integrating Li-Cycle will bring continued value to customers and strengthen its battery supply chain presence. This deal concludes Li-Cycle’s court-approved restructuring process under creditor protection, marking the end of a turbulent period for one of North America's pioneering battery recyclers.