Li-Cycle Holdings Corp. (NYSE:LICY) ("Li-Cycle" or the "Company"), a leading global lithium-ion battery resource recovery company, is pleased to report preliminary commercial and operational highlights for full-year 2024.

Commercial Highlights

Li-Cycle continued to gain commercial traction in 2024, bolstering its position as a preferred lithium-ion battery recycling partner. Its largest customers comprise leading global battery supply chain companies, including EV OEMs, battery manufacturers, miners, and raw material buyers.

In 2024, the largest source of the Company's battery feedstock was a U.S.-headquartered, vertically integrated EV and battery manufacturer with a substantial global EV market share. Throughout 2024, Li-Cycle supported approximately 13 prominent EV manufacturers and approximately 15 key battery cell and material producers with the Company's sustainable recycling services.

"We are pleased to be able to widen our commercial footprint for battery feedstock for our Spoke network in the United States and Germany. Our top source of battery feedstock during the past year was a leading U.S. EV and battery manufacturer and is indicative of our position as a preferred recycling partner for the largest blue-chip companies in the global battery supply chain," said Ajay Kochhar, Li-Cycle President and CEO. "Our sustainable, battery-agnostic recycling technology — which can process full-pack batteries regardless of form factor and without the need to dismantle or discharge — continues to provide value for our global customers."

Rochester Hub and Spoke Operations Highlights

Li-Cycle is continuing to prioritize securing a full financing package to support the construction restart of the Rochester Hub project and to satisfy requirements for first advance under the $475 million loan facility from the U.S. Department of Energy (DOE).

Li-Cycle produced approximately 5,370 tonnes of black mass and equivalents1 ("BM&E") in full-year 2024, and approximately 1,200 tonnes of BM&E in Q4 2024.

The Company is continuing to focus on its Spoke optimization initiatives to establish a financially accretive and self-sufficient Spoke business.

"Our two main goals for the Company are clear: we are focused on securing a full financing package to underpin the restart of construction of the Rochester Hub and starting to draw on the DOE loan, alongside implementing initiatives to enhance Spoke performance and improve cash flow to establish a self-sufficient Spoke business."