Li-Cycle and Glencore are resuming collaboration to evaluate developing a new Hub facility in Portovesme, Italy. The project includes a concept and pre-feasibility study, led and funded by Glencore with Li-Cycle's technical support. The facility would utilize Glencore's existing metallurgical complex and Li-Cycle's Spoke & Hub Technologies to produce critical battery materials from recycled content.
The black mass would be supplied from Glencore's network and Li-Cycle's German facility. Following the recent $475M DOE loan facility closure, Li-Cycle continues focusing on securing complete funding to restart the Rochester Hub construction. The First A&R Glencore Convertible Note will be modified on December 9, 2024, potentially increasing Glencore's ownership to approximately 66% on a fully-diluted basis.