Li-Cycle Nears SPAC Deal To Go Public, Says Sources: Report

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  • It represents a bet on the growing market for recycling used batteries, as well on the rising demand for lithium-ion power sources for new technologies like EVs
  • Li-Cycle recycles end-of-life lithium-ion batteries that power products such as electric cars, medical equipment and smartphones. Its investors include Moore Strategic Ventures and CC Industries

As per a report by Reuters, Li-Cycle Corp, a recycler of lithium-ion batteries, is nearing a deal to go public through a merger with blank-check acquisition company Peridot Acquisition Corp at a valuation of about $1.7 billion, according to people familiar with the matter.

It said that that the sources said, requesting anonymity ahead of an official announcement said that the deal could be announced as early as Tuesday. It added that it represents a bet on the growing market for recycling used batteries, as well on the rising demand for lithium-ion power sources for new technologies like EVs.

Investors include Moore Strategic Ventures and CC Industries

Li-Cycle recycles end-of-life lithium-ion batteries that power products such as electric cars, medical equipment and smartphones. Its investors include Moore Strategic Ventures and CC Industries.

The report added that Peridot is a special purpose acquisition company (SPAC) led by investment firm Carnelian Energy Capital Management. It raised $300 million in an initial public offering (IPO) on the New York Stock Exchange in September.

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