August 8, 2025: Mining giant Glencore has acquired troubled recycler Li-Cycle for an undisclosed sum, the firms confirmed on August 7.

The deal comes two months after Batteries International reported that Li-Cycle had launched a formal sale of its business and had also started bankruptcy proceedings.

The move concludes Li-Cycle’s court-approved sale and investment solicitation process.

An affiliate of Glencore Canada Corporation has now acquired Li-Cycle’s Germany, Arizona, Alabama, New York, and Ontario Spokes, in addition to its Rochester Hub project and the recycler’s intellectual property portfolio.

Glencore, which was Li-Cycle’s largest secured creditor, said its affiliate had also assumed Li-Cycle liabilities through an undisclosed credit bid.

The remaining Li-Cycle entities are either being wound-up under their corporate statutes or remain in creditor protection under the Companies’ Creditors Arrangement Act and Chapter 15 of the US Bankruptcy Code.

Last year, Li-Cycle announced a leadership shake-up and job cuts representing 17% of the firm’s workforce to generate about US$10 million in cost savings on an annualized basis.

The firm later confirmed its first battery recycling ‘spoke’ facility could be shut down as the firm explored “financing and strategic options” to increase near-term liquidity
However, Li-Cycle’s bleak financial outlook worsened and, last March, the firm said it required additional financing to meet its obligations and repay its liabilities if it was to continue as a going concern.