Li-Cycle Celebrates National Battery Day to Promote Responsible Recycling

Achieves Key Growth Milestones to Advance Sustainable Battery Recycling Globally

TORONTO--()--Li-Cycle Corp., North America’s largest lithium-ion battery resource recycling company, is honoring National Battery Day by encouraging consumers and organizations to locate their used batteries and take action to recycle them responsibly.

Lithium-ion rechargeable batteries are increasingly powering the world in industrial energy storage, automotive, and consumer electronic applications. The number of mobile devices operating worldwide is expected to reach 17.72 billion by 2024, an increase of 3.7 billion devices compared to 2020 levels, according to Statista. Similarly, the rapid adoption of electric vehicles underway is even more impactful to related critical end markets. All of these applications use lithium-ion batteries, creating significant global demand for the materials used to manufacture them. To meet this growing demand, Li-Cycle provides an affordable, safe and environmentally friendly processes to recycle all types of lithium-ion batteries.

“Today serves as a reminder that we are celebrating Li-Cycle’s success while embracing our collective efforts to ensure a sustainable future through responsible battery recycling,” said Li-Cycle Co-Founder and CEO Ajay Kochhar. “We are strong advocates for the critical importance of battery recycling and are proud to amplify the message of National Battery Day to encourage citizens of the world to take action. We look forward to further growing our business across North America, as well as globally, while maintaining a firm commitment to environmental sustainability and rigorous health and safety standards.”

Li-Cycle has achieved the following recent company milestones to drive forward its mission to leverage its innovative Spoke & Hub Technologies to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of critical battery materials

  • Health, Safety, Environment and Quality (HSEQ): Li-Cycle’s Ontario head office and Kingston, Ontario recycling facilities received certification for four industry standards: ISO (International Standards Organization) 9001 quality standard, ISO 14001 environmental standard, ISO 45001 employee health and safety standard and the R2 (Responsible Recycling) electronics recycling standard. The Company’s world-class policies and approaches to rigorous health and safety resulted in zero lost time incidents (LTIs) and environmental incidents in 2020 and 2021 (year to date).
  • R&D, Commercialization and Operations: Li-Cycle successfully secured three US patents in 2020 to further strengthen its intellectual property portfolio. In May 2020, Li-Cycle completed construction of its Commercial Spoke 1 in Kingston, Ontario and the construction of its Commercial Spoke 2 at Eastman Business Park (EBP) in Rochester, New York was completed in December 2020. Both facilities are now operational with a combined resource recovery capacity of 10,000 tonnes of lithium-ion batteries per year. The Company is in the later stages of execution for its critical Rochester, New York-based Hub facility, for which completion and the start of ramp-up is expected between Q4 2022 and Q1 2023.
  • Commercial Performance: Li-Cycle has successfully secured over 40 contracts for the supply of batteries from leading automotive OEMs, energy storage businesses and consumer electronics channels, a testament to the Company’s strong reputation with key customers and counterparties. In preparation for the commercial Hub’s operations, Li-Cycle has also entered into an agreement with Traxys for the Hub’s end products: lithium carbonate, nickel sulphate, cobalt sulphate, manganese carbonate, and graphite.
  • Corporate Growth and Expansion: On February 16, 2021, Li-Cycle announced a definitive business combination agreement with Peridot Acquisition Corp. (NYSE: PDAC). Upon closing of the transaction, Li-Cycle is expected to be listed on the New York Stock Exchange under the ticker “LICY” and is expected to receive approximately $615 million in gross transaction proceeds, enabling the company to fully fund its planned global expansion.

About Li-Cycle Corp.

Li-Cycle Corp. (Li-Cycle) is on a mission to leverage its innovative Spoke & Hub Technologies to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of critical battery materials. Lithium-ion rechargeable batteries are increasingly powering our world in automotive, energy storage, consumer electronics, and other industrial and household applications. The world needs improved technology and supply chain innovations to better manage battery manufacturing waste and end-of-life batteries and to meet the rapidly growing demand for critical and scarce battery-grade raw materials through a closed-loop solution. For more information, visit https://li-cycle.com/.

Additional Information and Where to Find It

In connection with the proposed transaction involving Li-Cycle and Peridot, Li-Cycle Holdings Corp. (“Newco”) will prepare and file with the SEC a registration statement on Form F-4 that will include a document that will serve as both a prospectus of Newco and a proxy statement of Peridot (the “Proxy Statement/Prospectus”). Li-Cycle, Peridot and Newco will prepare and file the Proxy Statement/Prospectus with the SEC and Peridot will mail the Proxy Statement/Prospectus to its shareholders and file other documents regarding the proposed transaction with the SEC. This communication is not a substitute for any proxy statement, registration statement, proxy statement/prospectus or other documents Peridot or Newco may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE, ANY AMENDMENTS OR SUPPLEMENTS TO THE PROXY STATEMENT/PROSPECTUS, AND OTHER DOCUMENTS FILED BY PERIDOT OR NEWCO WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of the Proxy Statement/Prospectus and other documents filed with the SEC by Peridot or Newco through the website maintained by the SEC at www.sec.gov.

Investors and securityholders will also be able to obtain free copies of the documents filed by Peridot and/or Newco with the SEC on Peridot’s website at www.peridotspac.com or by emailing investors@li-cycle.com.

No Offer or Solicitation

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities of Peridot or Newco or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Participants in the Solicitation

Li-Cycle, Peridot, Newco, and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of proxies in connection with the proposed transaction, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the Proxy Statement/Prospectus and other relevant materials when it is filed with the SEC. Information regarding the directors and executive officers of Peridot is contained in Peridot’s final prospectus for its initial public offering, filed with the SEC on September 24, 2020 and certain of its Current Reports filed on Form 8-K. These documents can be obtained free of charge from the sources indicated above.

Caution Concerning Forward-Looking Statements

Certain statements contained in this communication may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21 of the Securities Exchange Act of 1934, as amended, including statements regarding the proposed transaction involving Li-Cycle and Peridot and the ability to consummate the proposed transaction. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely”, “believe,” “estimate,” “project,” “intend,” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: (i) the risk that the conditions to the closing of the proposed transaction are not satisfied, including the failure to timely or at all obtain shareholder approval for the proposed transaction or the failure to timely or at all obtain any required regulatory clearances, including under the Hart-Scott Rodino Antitrust Improvements Act; (ii) uncertainties as to the timing of the consummation of the proposed transaction and the ability of each of Li-Cycle and Peridot to consummate the proposed transaction; (iii) the possibility that other anticipated benefits of the proposed transaction will not be realized, and the anticipated tax treatment of the combination; (iv) the occurrence of any event that could give rise to termination of the proposed transaction; (v) the risk that stockholder litigation in connection with the proposed transaction or other settlements or investigations may affect the timing or occurrence of the proposed transaction or result in significant costs of defense, indemnification and liability; (vi) changes in general economic and/or industry specific conditions; (vii) possible disruptions from the proposed transaction that could harm Li-Cycle’s business; (viii) the ability of Li-Cycle to retain, attract and hire key personnel; (ix) potential adverse reactions or changes to relationships with customers, employees, suppliers or other parties resulting from the announcement or completion of the proposed transaction; (x) potential business uncertainty, including changes to existing business relationships, during the pendency of the proposed transaction that could affect Li-Cycle’s financial performance; (xi) legislative, regulatory and economic developments; (xii) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak of war or hostilities and any epidemic, pandemic or disease outbreak (including COVID-19), as well as management’s response to any of the aforementioned factors; and (xiii) other risk factors as detailed from time to time in Peridot’s reports filed with the SEC, including Peridot’s annual report on Form 10-K, periodic quarterly reports on Form 10-Q, periodic current reports on Form 8-K and other documents filed with the SEC. The foregoing list of important factors is not exclusive. Neither Li-Cycle nor Peridot can give any assurance that the conditions to the proposed transaction will be satisfied. Except as required by applicable law, neither Li-Cycle nor Peridot undertakes any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts

Investor
investors@li-cycle.com

Media
media@li-cycle.com

Contacts

Investor
investors@li-cycle.com

Media
media@li-cycle.com