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Li-Cycle to go public with merger Peridot ACQ SPAC

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NYSE:PDAC   PERIDOT ACQUISITION CORP
Li-Cycle Corp said on Tuesday it will go public through a merger with blank-check acquisition company Peridot Acquisition Corp in a deal valuing the recycler of lithium-ion batteries at $1.67 billion.

The initial public offering is a bet on the growing need to recycle used batteries as well increasing demand for lithium-ion power sources for emerging products like electric vehicles.

Founded in Toronto in 2016, Li-Cycle recycles scrap and end-of-life lithium-ion batteries, which power products such as electric cars, medical equipment and smartphones, for reuse in battery production and other applications. Its investors include Moore Strategic Ventures and CC Industries.

About 1.2 million tons of batteries are expected to end their life cycle in 2025, followed by 3.5 million tons in 2030, according to an estimate from market research firm IHS Markit. (Reuters)

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