March 27 (Reuters) – Li-Cycle Holdings Corp (LICY.N) stated on Monday it should construct a French facility to interrupt down batteries from forklift producer The Kion Group (KGX.DE), marking the newest enlargement by the quickly rising recycling firm.
The French facility, which is anticipated to open in 2024 and complement comparable websites beneath growth in Germany and Norway, will break down lithium-ion batteries that energy Kion’s forklifts and different heavy equipment, giving Li-Cycle a contemporary supply of batteries to recycle past the buyer vehicle market.
Li-Cycle declined to reveal how a lot it’s spending on the French operation, although the corporate has a $40 million price range for the 12 months to construct such battery processing amenities throughout the globe.
“We consider strongly in a regional method to recycling as our clients start to localize their very own provide chains,” Tim Johnston, Li-Cycle’s govt chairman, informed Reuters. “Europe continues to be a progress heart for electrification, so we’re going to proceed to develop there.”
Li-Cycle estimates {that a} majority of Kion’s 1.7 million forklifts will finally be powered by lithium-ion batteries. Given their heavy use, these batteries are prone to put on down sooner than these powering client cars.
Li-Cycle’s European plan relies partially on its North American hub-and-spoke community, through which the corporate has constructed assortment and processing amenities throughout the continent to show batteries into black mass, which is basically shredded battery components.
A central facility beneath building in Rochester, New York, will additional break down that black mass into lithium, nickel and different metals. Li-Cycle plans for now to supply black mass at its French and different European websites, after which ship that materials to Rochester for processing, Johnston stated.
The French announcement comes lower than a month after European Fee President Ursula von der Leyen visited Li-Cycle’s battery processing facility in Ontario.
(This story has been formally corrected by the corporate to point out that it expects a majority of Kion’s forklifts to finally be electrical, not that they’re at present, in paragraph 5)
Reporting by Ernest Scheyder
Enhancing by Invoice Berkrot
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