TORONTO--(BUSINESS WIRE)--Li-Cycle Holdings Corp. (NYSE: LICY) (“Li-Cycle” or “the Company”), an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America, today announced a collaboration with Arrival (NASDAQ: ARVL), a global company that is on a mission to make air clean by replacing all vehicles with affordable electric solutions produced by local microfactories.
Through this newly established collaboration, Li-Cycle and Arrival will work together on thought leadership initiatives and R&D efforts to improve lithium-ion battery recycling, while also working together to improve the efficiency of the EV battery supply chain in the U.S. and Europe.
“Ensuring end-to-end sustainability for electric vehicles is something we are very passionate about at Arrival. This is why we are so thrilled to partner with Li-Cycle to drive sustainability in the EV industry through the advancement of EV lithium-ion battery recycling,” said Deepen Somaiya, Global VP of Sustainability for Arrival. “Arrival is changing the fundamentals of the automotive industry with our new method for the design and production of EVs, and we see Li-Cycle’s cutting-edge, commercial lithium-ion recycling technology as an extension of that transformational approach. We look forward to working together with them to create sustainable, end-to-end solutions that will help us drive radical impact.”
By utilizing Li-Cycle’s breakthrough, commercial lithium-ion battery recycling technologies, end-of-life batteries from Arrival’s EV fleets in the U.S.A and Europe can be transformed into battery grade material that could be used in the production of new batteries for new Arrival vehicles. Li-Cycle’s technologies will facilitate Arrival’s ability to minimize the lifecycle impact of batteries, improving its recycling and resource recovery infrastructure. At the same time, Arrival will support Li-Cycle’s ability to advance its patented technologies in line with next generation battery technology, while also continuing to improve its resource recovery efficiency.
“We’re excited to collaborate with Arrival to drive technological innovation in battery recycling, while creating a truly sustainable closed-loop battery supply chain in the EV industry,” said Kunal Phalpher, Chief Strategy Officer of Li-Cycle. “This strategic commercial partnership demonstrates our ability to meet emerging new customer demands as we continue to scale our proven, commercial lithium-ion recycling technology, globally.”
About Li-Cycle Holdings Corp.
Li-Cycle (NYSE: LICY) 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/.
Arrival was founded in 2015 with a mission to make air clean by replacing all vehicles with affordable electric solutions - produced by local Microfactories. Six years and over 2,000 people later, we are driving the transition to EVs globally by creating products that are zero-emission, more desirable, more sustainable and more equitable than ever before. Our in-house technologies enable our radical new method of design and production using rapidly-scalable, local Microfactories around the world. This method facilitates cities and governments in achieving their sustainability goals whilst also supercharging their communities. We are a technology company, a product company, a supply chain company, an automotive company, a mobility company, a fintech company and a service company - all rolled into one with a shared goal of true sustainability. This vertically integrated business model is how we can have the radical impact our world needs today. Arrival (NASDAQ: ARVL) is a joint stock company governed by Luxembourg law.
This press release contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the products offered by Arrival and the markets in which it operates and Arrival’s projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management’s belief or interpretation of information currently available. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including, but not limited to: (i) the impact of COVID-19 on Arrival’s business; (ii) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Arrival operates, (iii) the risk that Arrival and its current and future collaborators are unable to successfully develop and commercialize Arrival’s products or services, or experience significant delays in doing so, (iv) the risk that Arrival may never achieve or sustain profitability; (v) the risk that Arrival experiences difficulties in managing its growth and expanding operations, (vi) the risk that third-parties suppliers and manufacturers are not able to fully and timely meet their obligations; (vii) the risk that the utilization of Microfactories will not provide the expected benefits due to, among other things, the inability to locate appropriate buildings to use as Microfactories, Microfactories needing a larger than anticipated factory footprint, and the inability of Arrival to deploy Microfactories in the anticipated time frame; (viii) the risk that the orders that have been placed for vehicles, including the order from UPS, are cancelled or modified; (ix) the risk of product liability or regulatory lawsuits or proceedings relating to Arrival’s products and services; and (x) the risk that Arrival will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; and (xi) the risk that Arrival is unable to secure or protect its intellectual property. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Arrival’s annual report on Form 20-F filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 30, 2021 and other documents filed by Arrival with the SEC from time to time. Readers are cautioned not to put undue reliance on forward-looking statements, and Arrival assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Arrival does not give any assurance that Arrival will achieve its expectations.