LG Energy Solution, LG Chem and Li-Cycle have signed an agreement to recycle battery and production waste and provide nickel supply for production.
LG Energy Solution will supply Li-Cycle with battery manufacturing waste and lithium-ion batteries for recycling. Under the arrangement, the Canadian company will supply LG Chem and LG Energy Solution with 20,000 tonnes of nickel over 10 years, enough to power about 300,000 electric vehicles. The total investment by the Korean companies is $50 million in a 50/50 split.
Li-Cycle Holdings Corp. is an industry leader in the recovery of raw materials from lithium-ion batteries and the leading battery recycling company in North America. LG Chem is Korea's largest chemical company. LG Energy Solution is a global leader in providing advanced lithium-ion batteries for electric vehicles (EV) and energy storage systems (ESS).