DUBLIN, Feb. 18, 2021 /PRNewswire/ — TechMet funded Li-Cycle, an industry leader in lithium-ion battery recycling, has entered into a definitive business combination agreement with Peridot Acquisition Corp. (NYSE: PDAC); upon closing the combined company will be renamed Li-Cycle Holdings Corp. and will be listed on the New York Stock Exchange under the new ticker symbol «LICY». See more details on the Li-Cycle website.
- TechMet has been the primary funder of Li-Cycle over the last two years as the company has developed its first two commercial plants in Ontario, Canada and Rochester, New York.
- The listing value of Li-Cycle is $1.67 billion, and the company is expected to have $615 million of cash. The pre-opening price of Peridot implies a Li-Cycle market cap of $2.8 billion.
- TechMet, together with Moore Strategic Ventures, will be the largest non-management shareholder of the new listed entity.
- The listing represents a 10x uplift on the value of TechMet’s investments into Li-Cycle.
Brian Menell, Chairman & CEO of TechMet and Li-Cycle board member, commented «As Li-Cycle’s primary funder for the first commercial scale-up plants in Canada and the US, we fully support the business combination with Peridot and the listing on NYSE. Li-Cycle now has the funding firepower to globally scale this unique and environmentally sound recycling technology. The seismic transformation of the global mobility and energy landscape represent ‘once-in-a-century’ investment opportunities, not least in the supply of key materials that enable this transition. Li-Cycle represents a clear winner in this supply chain.»
TechMet is a private company building world class projects that produce, process and re-cycle «technology metals» critical to EVs, renewable energy systems and energy storage. TechMet’s target metals include: lithium, cobalt, nickel, rare earth metals, tin, tungsten, and vanadium. TechMet’s core investments include:
- Brazilian Nickel PLC – nickel and cobalt production in Brazil
- Li-Cycle – lithium-ion battery recycling.
- US Vanadium – vanadium specialty chemicals production in Arkansas (USA).
- Tinco – the largest tin and tungsten mines in Rwanda
TechMet also has an interest in a producing Rare Earths metals project and is developing TechMet Ventures to invest in new opportunities across the supply-chain.
TechMet was privately backed until late 2020, when it received a major investment from The US International Development Finance Corporation, a US Government funding agency, which now holds a 25% equity interest.
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