Canadian battery recovery company Li-Cycle Corp., which has a large presence at Rochester’s Eastman Business Park, is partnering with the Shore Foundation, a nonprofit organization that provides access to technology for low-income individuals and families.
“We are very excited to launch our partnership with the Shore Foundation, as we have dedicated ourselves to supporting impactful ESG initiatives, ensuring that Li-Cycle does its part to improve our local communities. We have roots within the city of Rochester and understand and appreciate the value that the Shore Foundation offers to the citizens of Rochester and surrounding areas,” said Li-Cycle Co-Founder, President and CEO Ajay Kochhar. “We’re constantly looking for more opportunities to give back as we continue on our own mission to provide a circular solution for safe, sustainable resource recovery from end-of-life lithium-ion batteries.”
Li-Cycle is North America’s largest lithium-ion battery recycling and resource recovery company. Through its collaboration and corporate sponsorship, Li-Cycle will bolster the Shore Foundation’s ability to empower local communities through the enhancement of its technological access and distribution of refurbished laptop and desktop computers that have been given new life.
The partnership is expected to benefit a number of community groups that address issues like access to education, homelessness, at-risk youth and job empowerment programs. Through the partnership, Li-Cycle will also assist the Shore Foundation with recycling of laptop lithium-ion batteries for computers that are unable to be refurbished and redistributed. Li-Cycle’s corporate sponsorship will run from 2021 to 2024 and will help cover the costs of refurbishing the laptops and desktop computers.
“We are thrilled to welcome Li-Cycle as our partner and greatly appreciate their support of our mission,” said Megan Alchowiak, executive director of the Shore Foundation. “This is a great reflection of Li-Cycle’s commitment to the community and now more than ever, this support will provide more refurbished computers to our neighbors in need.”
Li-Cycle operates a commercial lithium-ion battery recycling facility in Rochester, processing up to 5,000 tons of lithium-ion batteries per year. The facility will supply “black mass,” an electrode mixture containing lithium, nickel cobalt and other critical materials, to Li-Cycle’s future hub, which is currently in late-stage development here. The Hub will process black mass in order to produce critical, battery-grade materials from recycled sources, as well as other recycled materials that can be returned to the economy.
In February this year, Li-Cycle announced a definitive business combination agreement with Peridot Acquisition Corp. Upon the closing of the merger, which is expected in the second quarter of 2021, the combined company will be renamed Li-Cycle Holdings Corp. Li-Cycle intends to apply to list the common shares of the combined company on the New York Stock Exchange under the new ticker symbol, LICY. Li-Cycle is expected to receive roughly $615 million in gross transaction proceeds upon the closing of the business combination, which is expected to enable the company to contribute to funding its planned global expansion.
The Shore Foundation is a Rochester nonprofit organization that provides access to technology for low-income individuals and families in our community. During the last three years, the Shore Foundation has donated more than 1,000 refurbished computers to schools and non-profit organizations in Upstate New York
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