Li-Cycle was founded in 2016 in Toronto with a mission to solve the growing problem of lithium-ion battery waste. The company developed a two-step hydrometallurgical recycling process that avoids the high-temperature smelting used by traditional recyclers, resulting in higher recovery rates and a smaller environmental footprint.
The first step happens at Spoke facilities, where batteries are mechanically processed into “black mass” — a concentrated powder containing nickel, cobalt, manganese, lithium, copper, and graphite. The second step takes place at a Hub facility, where the black mass undergoes hydrometallurgical processing to separate and refine individual metals to battery-grade purity. Li-Cycle operates Spoke facilities in Kingston, Ontario; Rochester, New York; Gilbert, Arizona; and Tuscaloosa, Alabama.
The company went public via SPAC in 2021 and secured a $375 million loan from the DOE to help build its Rochester Hub. However, construction costs ballooned and timelines slipped, forcing Li-Cycle to pause the Hub build in late 2023 to reassess the project scope. The company has since restructured its approach, focusing on completing Spoke operations and optimizing throughput before committing to full Hub construction. Li-Cycle processes material from major OEMs and battery manufacturers, and the long-term demand for its services keeps growing as EV adoption accelerates. The team runs about 500 employees across North America and Europe.
