DUBLIN, Feb. 18, 2021
DUBLIN, Feb. 18, 2021 /PRNewswire/ -- TechMet funded Li-Cycle, an industry leader in lithium-ion battery recycling, has entered into a definitive business combination agreement with Peridot Acquisition Corp. (NYSE: PDAC); upon closing the combined company will be renamed Li-Cycle Holdings Corp. and will be listed on the New York Stock Exchange under the new ticker symbol "LICY". See more details on the Li-Cycle website.
Brian Menell, Chairman & CEO of TechMet and Li-Cycle board member, commented "As Li-Cycle's primary funder for the first commercial scale-up plants in Canada and the US, we fully support the business combination with Peridot and the listing on NYSE. Li-Cycle now has the funding firepower to globally scale this unique and environmentally sound recycling technology. The seismic transformation of the global mobility and energy landscape represent 'once-in-a-century' investment opportunities, not least in the supply of key materials that enable this transition. Li-Cycle represents a clear winner in this supply chain."
TechMet is a private company building world class projects that produce, process and re-cycle "technology metals" critical to EVs, renewable energy systems and energy storage. TechMet's target metals include: lithium, cobalt, nickel, rare earth metals, tin, tungsten, and vanadium. TechMet's core investments include:
TechMet also has an interest in a producing Rare Earths metals project and is developing TechMet Ventures to invest in new opportunities across the supply-chain.
TechMet was privately backed until late 2020, when it received a major investment from The US International Development Finance Corporation, a US Government funding agency, which now holds a 25% equity interest.