Lithium-ion battery recycling firm Li-Cycle saw its overall revenues fall 32% in its fourth quarter, due to two separate factors related to a fall in metals prices.

Lithium-ion battery recycling specialist Li-Cycle reported US$8.7 million in revenues for the quarter ended April 30, 2022, more than double the previous quarter.

Natural resources giant Glencore has agreed to back the Canadian battery recycler to the tune of US$200 million.

Li-Cycle has been selected as preferred battery recycling partner to LG Chem and LG Energy Solution for their North America operations.

Redwood Materials CEO JB Straubel told a US Senate hearing his company already receives approximately 6GWh of end-of-life lithium-ion batteries for recycling annually. 

Li-Cycle has seen its revenues rise although the cost of expansion to meet expected future demand remains high.

US$100 million has been invested into North American lithium-ion battery recycling specialist Li-Cycle by a venture capital (VC) subsidiary of fossil fuels industry giant Koch Industries.