Lithium battery recycling company Li-Cycle is planning its fourth facility in North America, the company said, as it made its first financial results release since listing on the New York Stock Exchange (NYSE) in August. 

The stationary energy storage system (ESS) industry will be a significant source of lithium-ion batteries that can be recycled and reused, the head of Finnish state-owned energy company Fortum’s battery business line has said.

Canada-headquartered lithium-ion battery recycling specialist Li-Cycle will build its third facility in Arizona, joining plants the company already operates in Ontario and New York State.

Equity investors have already committed more than US$300 million to lithium battery recycler Li-Cycle’s plan to go publicly-listed through a special purpose acquisition company (SPAC) merger.