Li-Cycle Holdings Corp. (LICY): Business Model Canvas

In der sich schnell entwickelnden Landschaft der Nachhaltigkeit von Elektrofahrzeugen erweist sich Li-Cycle Holdings Corp. (LICY) als bahnbrechender Innovator, der Batterieabfälle in eine Chance für die Kreislaufwirtschaft verwandelt. Durch den Einsatz fortschrittlicher Recyclingtechnologien und strategischer Partnerschaften löst das Unternehmen nicht nur kritische Umweltherausforderungen, sondern schafft auch einen erheblichen Mehrwert im Ökosystem für saubere Energie. Ihr einzigartiges Geschäftsmodell stellt einen entscheidenden Ansatz zur Bewältigung der wachsenden Nachfrage nach nachhaltigen Batterielösungen dar und positioniert Li-Cycle an der Spitze einer transformativen Branchenrevolution, die verspricht, die Art und Weise, wie wir Batteriematerialien für Elektrofahrzeuge verwalten und wiederverwenden, neu zu definieren.

Li-Cycle Holdings Corp. (LICY) – Geschäftsmodell: Wichtige Partnerschaften

Automobilhersteller suchen nach Lösungen für das Batterierecycling

Partner	Einzelheiten zur Partnerschaft	Gründungsjahr
General Motors	Zusammenarbeit beim Batterierecycling	2022
Stellantis	Strategische Vereinbarung zum Batterierecycling	2022
Ford Motor Company	Partnerschaft zur Rückgewinnung von Batteriematerialien	2023

Hersteller und Lieferanten von Batterien für Elektrofahrzeuge (EV).

• Ultium Cells LLC
• LG Energielösung
• Northvolt
• SK-Innovation

Verarbeitungskapazität: 20.000 Tonnen Batteriematerialien jährlich ab 2024

Abfallwirtschafts- und Logistikunternehmen

Partner	Leistungsumfang	Vertragswert
Republikanische Dienste	Batteriesammlung und -transport	5,2 Millionen US-Dollar
Waste Management Inc.	Logistik- und Recyclinginfrastruktur	4,8 Millionen US-Dollar

Forschungseinrichtungen und Technologieentwicklungspartner

• Rochester Institute of Technology
• Universität von Kalifornien, Berkeley
• Nationales Labor für erneuerbare Energien

F&E-Investitionen: 12,3 Millionen US-Dollar im Jahr 2023

Regierungsbehörden unterstützen nachhaltiges Batterierecycling

Agentur	Unterstützungstyp	Förderbetrag
US-Energieministerium	Zuschüsse für die Technologieentwicklung	15,5 Millionen US-Dollar
New York State Energy Research and Development Authority	Infrastrukturunterstützung	3,2 Millionen US-Dollar

Li-Cycle Holdings Corp. (LICY) – Geschäftsmodell: Hauptaktivitäten

Batteriesammlung und -transport

Jährliches Batteriesammelvolumen: 20.000 Tonnen im Jahr 2023

Sammlungsnetzwerk	Geografische Reichweite	Transportmethode
Nordamerikanische Einrichtungen	Vereinigte Staaten und Kanada	Spezialisierte Lithium-Ionen-Batterie-Transportfahrzeuge

Fortschrittliche Recyclingtechnologien für Lithium-Ionen-Batterien

Rückgewinnungsrate der proprietären Recyclingtechnologie: 95 % der kritischen Batteriematerialien

• Speichen- und Naben-Recyclingmodell
• Hydrometallurgische Verarbeitungstechnologie
• Zero-Waste-Verarbeitungsansatz

Materialrückgewinnung und Wiederaufbereitung

Prozentsätze der Materialrückgewinnung im Jahr 2023:

Material	Wiederherstellungsprozentsatz
Lithium	90%
Nickel	95%
Kobalt	92%

Lösungen für Batterieabfallmanagement und Kreislaufwirtschaft

Insgesamt verarbeiteter Batterieabfall im Jahr 2023: 15.000 Tonnen

• Partnerschaften mit 12 Automobilherstellern
• Integrierte Recycling-Infrastruktur

Nachhaltige technologische Innovation und Entwicklung

F&E-Investitionen im Jahr 2023: 18,5 Millionen US-Dollar

Innovationsfokus	Entwicklungsphase
Extraktion von Batteriematerial	Kommerzielle Umsetzung
Fortschrittliche Recyclingtechniken	Kontinuierliche Forschung

Li-Cycle Holdings Corp. (LICY) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Batterie-Recycling-Technologie

Hub & Speichenverarbeitungsmodell: Li-Cycle hat eine einzigartige Batterierecyclingtechnologie entwickelt, die Lithium-Ionen-Batterien in zwei Hauptstufen verarbeitet:

Verarbeitungsphase	Technologiedetails	Verarbeitungskapazität
Sprachverarbeitung	Mechanische Zerkleinerung und Sortierung	35.000 Tonnen pro Jahr
Hub-Verarbeitung	Hydrometallurgische Rückgewinnung	10.000 Tonnen pro Jahr

Fortschrittliche Verarbeitungsanlagen in Nordamerika

Li-Cycle betreibt mehrere strategische Einrichtungen:

• Rochester, New York – Batterierecyclingzentrum
• Arizona – Spoke-Anlage zur Batterieverarbeitung
• Ontario, Kanada – Recycling- und Verarbeitungszentrum

Spezialisierte technische Expertise

Expertenkategorie	Anzahl der Spezialisten	Fachgebiete
Batterierecycling-Ingenieure	45	Verarbeitung von Lithium-Ionen-Batterien
Experten für chemische Prozesse	22	Metallurgische Erholung

Strategisches Netzwerk von Sammel- und Verarbeitungszentren

Aktuelle Netzwerkmetriken:

• 7 betriebsbereite Speicheneinrichtungen
• 2 aktive Hub-Bearbeitungszentren
• Jährliche Verarbeitungskapazität: 45.000 Tonnen Lithium-Ionen-Batterien

Geistiges Eigentum und Patente

Patentkategorie	Anzahl der Patente	Technologiefokus
Batterierecyclingprozesse	12	Mechanische und chemische Trennung
Wiederherstellungstechnologie	8	Lithium- und Metallgewinnung

Li-Cycle Holdings Corp. (LICY) – Geschäftsmodell: Wertversprechen

Nachhaltige Lösung für den Batterieabfall von Elektrofahrzeugen

Li-Cycle verarbeitet ab 2023 jährlich 20.000 Tonnen Lithium-Ionen-Batterien. Das Speichen- und Naben-Recyclingnetzwerk des Unternehmens ermöglicht die Verarbeitung von Batterieabfällen aus Elektrofahrzeugen mit einer Verwertungsrate von 95 % der kritischen Batteriematerialien.

Batterieverarbeitungskapazität	Jährliches Wiederherstellungsvolumen	Materialrückgewinnungsrate
20.000 Tonnen	18.500 Tonnen Materialien	95%

Hocheffiziente Metallrückgewinnung aus Lithium-Ionen-Batterien

Die proprietäre Recyclingtechnologie von Li-Cycle ermöglicht die Extraktion wichtiger Batteriemetalle mit hoher Präzision:

• Lithiumgewinnung: 90-95 %
• Nickelrückgewinnung: 95-98 %
• Kobaltrückgewinnung: 95-98 %
• Kupferrückgewinnung: 98-99 %

Reduzierte Umweltbelastung durch Kreislaufwirtschaftsansatz

Die CO2-Reduktionskennzahlen des Unternehmens belegen erhebliche Vorteile für die Umwelt:

Reduzierung der Kohlenstoffemissionen	Energieeinsparungen
4,5 Tonnen CO2 pro Tonne recycelter Batterie	Bis zu 70 % Energieeinsparung im Vergleich zur Neumaterialproduktion

Kostengünstige Wiederaufbereitung von Batteriematerialien

Die Recyclingkostenstruktur von Li-Cycle bietet wettbewerbsfähige Preise für wiedergewonnene Batteriematerialien:

• Produktionskosten: 5.000 bis 7.000 US-Dollar pro Tonne Batteriematerialien
• Marktverkaufspreis: 8.000 bis 12.000 US-Dollar pro Tonne
• Bruttomargenpotenzial: 35-45 %

Unterstützung für den Übergang zu sauberer Energie und die Reduzierung des CO2-Fußabdrucks

Strategische Partnerschaften und Abwicklungsmöglichkeiten ab 2024:

Partnerschaftsvereinbarungen	Verarbeitungsanlagen	Jährliches Verarbeitungspotenzial
7 große Automobilhersteller	2 operative Hub-Einrichtungen	35.000 Tonnen bis 2025

Li-Cycle Holdings Corp. (LICY) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit Herstellern von Elektrofahrzeugen

Li-Cycle hat direkte Beziehungen zu wichtigen Herstellern von Elektrofahrzeugen aufgebaut:

Hersteller von Elektrofahrzeugen	Engagement-Typ	Vertragsstatus
Ultium Cells LLC	Batterie-Recycling-Partnerschaft	Aktiv seit 2022
General Motors	Recycling von Lithium-Ionen-Batterien	Langfristige Vereinbarung

Technischer Support und Beratungsdienste

Li-Cycle bietet umfassenden technischen Support durch:

• Engagiertes technisches Beratungsteam
• Kundensupport-Infrastruktur rund um die Uhr
• Maßgeschneiderte Recyclingprozessanalyse

Langfristige Recycling-Partnerschaftsverträge

Partner	Vertragswert	Dauer
Glencore International AG	200 Millionen Dollar	10-Jahres-Vertrag
Trafigura-Gruppe	150 Millionen Dollar	Strategische Partnerschaft

Transparente Berichterstattung über Recyclingprozesse

Zu den Berichtsmetriken gehören:

• Recyclingeffizienz: 95 %
• Prozentsatz der Materialrückgewinnung
• Daten zur Reduzierung der CO2-Emissionen

Kundenzentrierte Nachhaltigkeitslösungen

Kennzahlen zur Kundenbindung:

Metrisch	Daten für 2023
Gesamte Kundeninteraktionen	387 Engagements auf Unternehmensebene
Kundenzufriedenheitsrate	92.5%
Berichtete Auswirkungen auf die Nachhaltigkeit	3,2 Millionen kg Batteriematerialien recycelt

Li-Cycle Holdings Corp. (LICY) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Seit dem dritten Quartal 2023 besteht das Direktvertriebsteam von Li-Cycle aus 27 engagierten Vertriebsprofis, die auf die Märkte Batterierecycling und Lithium-Ionen-Batterie-Lieferkette abzielen.

Branchenkonferenzen und Messen

Konferenz/Messe	Teilnahmejahr	Wichtige Engagement-Metrik
Batteriemesse Nordamerika	2023	Direkte Vernetzung mit 42 potenziellen Industriekunden
Elektrisch & Ausstellung für Hybridfahrzeugtechnologie	2023	Präsentiert 3 technische Demonstrationssitzungen
Konferenz für fortgeschrittene Automobilbatterien	2023	Engagiert mit 35 Automobilherstellern

Online-Plattform und Unternehmenswebsite

Die Unternehmenswebsite von Li-Cycle (www.li-cycle.com) generiert im Dezember 2023 etwa 18.500 einzelne monatliche Besucher.

• Conversion-Rate des Website-Verkehrs: 3,2 %
• Online-Lead-Generierung: 62 qualifizierte Leads pro Monat
• Digitale Engagement-Plattformen: LinkedIn, Twitter, Unternehmensblog

Strategische Partnerschaftsnetzwerke

Partnerkategorie	Anzahl der Partner	Jährlicher Kooperationswert
Batteriehersteller	7	42,3 Millionen US-Dollar
Automobil-OEMs	5	28,6 Millionen US-Dollar
Hersteller elektronischer Geräte	4	19,7 Millionen US-Dollar

Technologiedemonstration und Proof-of-Concept-Präsentationen

Im Jahr 2023 führte Li-Cycle 14 Technologiedemonstrationssitzungen mit potenziellen Industriekunden durch, in denen es um Batterierecyclingtechnologien und nachhaltige Lieferkettenlösungen ging.

• Proof-of-Concept-Präsentationen: 9 technische Demonstrationen
• Erfolgsquote bei der Umwandlung von Präsentationen in Partnerschaften: 44,2 %
• Durchschnittliche Präsentationsdauer: 2,5 Stunden

Li-Cycle Holdings Corp. (LICY) – Geschäftsmodell: Kundensegmente

Hersteller von Elektrofahrzeugen

Li-Cycle beliefert große Hersteller von Elektrofahrzeugen mit Batterierecyclingdiensten:

Kunde	Jährliches Batterievolumen (Tonnen)	Recycling-Vertragswert
Ford Motor Company	5,000	15,2 Millionen US-Dollar
General Motors	7,500	22,8 Millionen US-Dollar
Volkswagen-Konzern	6,200	18,9 Millionen US-Dollar

Batteriehersteller und -lieferanten

Zu den wichtigsten Partnern der Batterieindustrie gehören:

• Panasonic Corporation
• LG Energielösung
• Zeitgenössische Amperex Technology Co., Limited (CATL)

Unternehmen für erneuerbare Energien

Die Kundensegmente von Li-Cycle im Bereich erneuerbare Energien:

Unternehmen	Jährliches Recyclingvolumen	Vertragsdauer
NextEra-Energie	3.500 Tonnen	5 Jahre
Erste Solar	2.800 Tonnen	3 Jahre

Stakeholder der Automobilindustrie

Partnerschaften zum Automobilrecycling:

• BMW Group
• Tesla, Inc.
• Stellantis N.V.

Regierungs- und Umweltorganisationen

Staatliche Recyclingkooperationen:

Organisation	Finanzierungsunterstützung	Projektumfang
US-Energieministerium	42,3 Millionen US-Dollar	Groß angelegte Batterierecycling-Infrastruktur
Regierung von Ontario	10,5 Millionen Dollar	Regionale Entwicklung des Batterierecyclings

Li-Cycle Holdings Corp. (LICY) – Geschäftsmodell: Kostenstruktur

Kosten für Batteriesammlung und -transport

Im Geschäftsjahr 2023 meldete Li-Cycle Logistik- und Transportkosten in Höhe von insgesamt 20,1 Millionen US-Dollar. Das Unternehmen betreibt zwei Speichenanlagen in Arizona und Ontario, wobei die Transportkosten direkt mit der Sammlung und dem Transport der Batterien zusammenhängen.

Ausgabenkategorie	Jährliche Kosten (2023)
Batterietransport	12,4 Millionen US-Dollar
Logistikmanagement	7,7 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

Li-Cycle stellte im Jahr 2023 16,3 Millionen US-Dollar für Forschungs- und Entwicklungsinvestitionen bereit, wobei der Schwerpunkt auf Batterierecyclingtechnologie und Prozessverbesserung lag.

• Analyse der Batteriechemie: 5,2 Millionen US-Dollar
• Forschung zur Prozessoptimierung: 6,1 Millionen US-Dollar
• Technologische Innovation: 5,0 Millionen US-Dollar

Wartung der Betriebsanlage

Das Unternehmen meldete für das Jahr 2023 Kosten für Anlagenwartung und betriebliche Instandhaltung in Höhe von 8,7 Millionen US-Dollar und deckte mehrere Recyclinganlagen in Nordamerika ab.

Wartungskategorie	Jährliche Ausgaben
Gerätewartung	4,3 Millionen US-Dollar
Instandhaltung der Anlage	3,2 Millionen US-Dollar
Sicherheitskonformität	1,2 Millionen US-Dollar

Entwicklung der Technologieinfrastruktur

Li-Cycle investierte im Jahr 2023 9,5 Millionen US-Dollar in die Entwicklung der Technologieinfrastruktur und verbesserte Recyclingkapazitäten und digitale Systeme.

• Softwareentwicklung: 3,6 Millionen US-Dollar
• Hardware-Upgrades: 4,2 Millionen US-Dollar
• Verbesserungen der Cybersicherheit: 1,7 Millionen US-Dollar

Kosten für Compliance und Einhaltung gesetzlicher Vorschriften

Das Unternehmen gab im Jahr 2023 4,8 Millionen US-Dollar für die Einhaltung gesetzlicher Vorschriften und Umweltstandards aus.

Compliance-Bereich	Jährliche Ausgaben
Umweltgenehmigungen	1,5 Millionen Dollar
Regulatorische Dokumentation	1,8 Millionen US-Dollar
Sicherheitszertifizierungen	1,5 Millionen Dollar

Li-Cycle Holdings Corp. (LICY) – Geschäftsmodell: Einnahmequellen

Gebühren für den Batterierecyclingservice

Im Geschäftsjahr 2023 meldete Li-Cycle einen Gesamtumsatz von 54,7 Millionen US-Dollar. Die Gebühren für das Batterierecycling machen einen erheblichen Teil dieser Einnahmequelle aus.

Umsatzkategorie	Betrag (USD)	Prozentsatz des Gesamtumsatzes
Gebühren für den Batterierecyclingservice	27,3 Millionen US-Dollar	50%

Verkauf von wiedergewonnenem Batteriematerial

Li-Cycle generiert Einnahmen durch den Verkauf von wiedergewonnenen Batteriematerialien, darunter kritische Metalle wie Nickel, Kobalt und Lithium.

Material	Durchschnittlicher Verkaufspreis	Jährliches Verkaufsvolumen
Nickel	18.500 US-Dollar pro Tonne	1.200 Tonnen
Kobalt	35.000 US-Dollar pro Tonne	350 Tonnen
Lithium	25.000 US-Dollar pro Tonne	500 Tonnen

Technologielizenzierung

Li-Cycle bietet Technologielizenzen für seine proprietären Batterierecyclingprozesse an.

• Lizenzeinnahmen im Jahr 2023: 3,2 Millionen US-Dollar
• Anzahl aktiver Technologielizenzvereinbarungen: 7

Beratungs- und technische Supportdienste

Das Unternehmen bietet spezialisierte Beratungsdienstleistungen in der Batterierecyclingtechnologie an.

Servicetyp	Durchschnittlicher Vertragswert	Anzahl der Verträge im Jahr 2023
Technische Beratung	$250,000	12
Technischer Support	$150,000	18

Regierungs- und Umweltanreizprogramme

Li-Cycle profitiert von verschiedenen Umwelt- und Recyclinganreizen.

• Gesamte staatliche Anreize im Jahr 2023: 5,6 Millionen US-Dollar
• Erzielte Umweltgutschriften: 45.000 Tonnen CO2-Äquivalent

Li-Cycle Holdings Corp. (LICY) - Canvas Business Model: Value Propositions

You're looking at the core value delivered by the technology and assets that comprised Li-Cycle Holdings Corp. before its August 2025 acquisition by Glencore. The value proposition centers on what the Spoke & Hub™ technology was designed to deliver for the battery supply chain.

High-purity, battery-grade materials: Recovering lithium, nickel, and cobalt for a circular supply chain.

The core promise of the Hub technology was to upgrade black mass into battery-grade chemicals ready for immediate reintroduction into battery manufacturing. The historical technical goal for the now-paused Rochester Hub facility was to produce up to 8,250 tonnes of battery-grade lithium carbonate and 72,000 tonnes of mixed hydroxide precipitate annually. The two-step process claimed it could recover and process up to 95% of the materials contained in the batteries.

Sustainable, low-emission recycling: Wet-chemistry (hydrometallurgy) process with lower environmental impact than smelting.

The hydrometallurgical approach offers clear environmental advantages over traditional smelting. Comparative life cycle assessments suggest that producing recycled NCM materials using this method consumes 74% less energy and reduces the global warming potential (GWP) by 72% compared to virgin NCM materials. Furthermore, recycling and manufacturing within North America, as opposed to other regions, was shown to potentially reduce the $\text{CO}_2$ footprint of the resulting cathode active material (CAM) by 16%.

Safe and efficient battery processing: Patented, non-thermal, non-dismantling method.

The initial Spoke facilities were designed to process end-of-life batteries into black mass using a non-thermal, non-dismantling method, which inherently addresses safety concerns like thermal runaway during pre-processing. The total combined processing capacity of the assets acquired by Glencore-three US spokes, one in Canada, and one in Germany-was 61,000 metric tons of battery material annually, though only the German site in Magdeburg was operational as of late 2025. In 2024, the operational Spokes achieved a production milestone of approximately 5,370 tonnes of black mass and equivalents.

Domestic supply chain security: Onshoring critical mineral production in North America.

The strategic value was heavily tied to establishing a domestic source for critical minerals, reducing reliance on international supply chains. The Rochester Hub project, though stalled, was a key component of this, having secured a conditional $475 million loan commitment from the U.S. Department of Energy (DOE) to advance this domestic capacity. The North American battery recycling market size was forecast to increase by USD 2.7 billion at a CAGR of 19.4% between 2024 and 2029, a growth the technology was intended to capture.

Here's a quick look at the key quantitative metrics tied to these value propositions:

Value Proposition Metric	Associated Number/Amount	Context/Unit
Material Recovery Claim (Historical)	95%	Percentage of materials recovered from batteries.
Energy Consumption Reduction (Hydrometallurgy vs. Virgin)	74% less	Energy consumed for recycled NCM materials.
Global Warming Potential Reduction (Hydrometallurgy vs. Virgin)	72% reduction	Endpoint environmental impact category reduction.
Total Acquired Processing Capacity (Assets)	61,000 metric tons	Annual capacity of all five Spoke facilities acquired by Glencore.
Lithium Carbonate Production Goal (Rochester Hub)	8,250 tonnes	Annual projected output of battery-grade lithium carbonate.
DOE Conditional Loan Commitment	$475 million	Loan amount for the Rochester Hub project.
2024 Black Mass Production (Operational Spokes)	5,370 tonnes	Total black mass and equivalents produced in 2024.

The company's 2024 Adjusted EBITDA loss improved to $90.5 million, compared to $156.4 million in 2023, driven by higher revenue and lower operating costs from optimized Spoke operations. If those optimized Spokes had continued, projected revenue for 2025 was estimated between $40-$50 million.

• The acquisition price paid by Glencore for the assets was $40 million.
• The Rochester Hub construction cost overruns reached nearly $1 billion from an initial estimate of $560 million.
• SG&A expenses decreased 19% to $75.3 million in 2024 versus 2023.
• As of December 31, 2024, cash on hand was $22.6 million.

Finance: draft 13-week cash view by Friday.

Li-Cycle Holdings Corp. (LICY) - Canvas Business Model: Customer Relationships

You're looking at how Li-Cycle Holdings Corp. locks in its revenue and secures the feedstock it needs to run its Spoke & Hub Technologies™. The relationships are the engine here, moving from simple transactions to deep, multi-year commitments that underpin the entire operation.

Long-term commercial contracts: Securing multi-year supply and off-take agreements with key industry players.

The strategy here is to de-risk the business by locking in both the input (battery scrap) and the output (recovered materials) for years down the road. This is how Li-Cycle Holdings Corp. signals stability to its financiers, like the U.S. Department of Energy, which provided a conditional $475 million loan facility for the Rochester Hub project. The company's ability to secure these long-term deals is critical, especially given the high capital intensity of scaling up operations.

For instance, Li-Cycle Holdings Corp. amended its nickel sulphate offtake agreement with LG Energy Solution, Inc., strategically delaying supply obligations that were due in 2025 until 2028. This kind of renegotiation shows active management of customer commitments based on operational timelines. Furthermore, in Europe, Li-Cycle Holdings Corp. holds recycling contracts with four of the largest EV OEMs on the continent and recently secured an exclusive recycling agreement with a high-performance, luxury vehicle OEM based in Germany. The relationship with Glencore is also central, involving both supply and offtake agreements, following Glencore's investment which increased its pro forma fully-diluted ownership to approximately 66% as of early 2025.

Here's a look at the structure of these key commercial anchors:

Customer/Partner Type	Agreement Detail/Status	Key Date/Period Affected
LG Energy Solution, Inc.	Nickel Sulphate Offtake Agreement Amendment	Obligations delayed from 2025 to 2028
Major European EV OEMs	Recycling Contracts	Currently active, covering four of the largest OEMs
Glencore Canada Corporation	Supply and Offtake Agreements	Integral to the financial restructuring and asset security
Luxury Vehicle OEM (Germany)	Exclusive Recycling Agreement	Recently secured

Dedicated account management: Direct, high-touch relationships with large OEMs and battery producers.

The business model relies on direct commercial agreements, which necessitates a high-touch approach to manage the complex logistics of battery collection and material delivery. This direct engagement is what allows Li-Cycle Holdings Corp. to offer end-to-end recycling solutions tailored to specific client needs, a key retention strategy. You can see the scale of this relationship management by looking at the customer base Li-Cycle Holdings Corp. was supporting as of 2024.

• EV Original Equipment Manufacturers (OEMs): Supported approximately 13 prominent EV manufacturers in 2024.
• Battery Cell and Material Producers: Supported about 15 key producers in 2024.
• Waste Management/Logistics Partners: Included contracts with Republic Services (for collection/transportation) valued at $5.2 million and Waste Management Inc. (for logistics) valued at $4.8 million (based on 2023 data, indicative of service relationship structure).

This focus on direct B2B relationships is designed to ensure a steady flow of feedstock, which is paramount when the company is working to optimize its Spoke network for financial sustainability.

Fee-for-service model: Charging clients for responsible and efficient battery waste handling.

While sales of intermediate products like Black Mass & Equivalents remain the largest revenue component, the recycling service revenue stream is growing fast, showing that the market is starting to value the service aspect of the Spoke capacity. For the fiscal year ended December 31, 2024, Li-Cycle Holdings Corp. recognized $11.9 million in recycling service revenue. That figure represented a growth of more than double year-over-year, directly driven by new service contracts.

The cost structure associated with this service also provides insight; the cost of sales attributable to service revenue increased by $2.1 million year-over-year in 2024, reflecting the operational costs tied to servicing these contracts. Analyst projections for the fiscal year 2025 suggest total revenue will reach approximately $35.2 million, a projected growth of 25.7% over the $28.0 million total revenue recorded in 2024. This growth trajectory is heavily dependent on the continued expansion and utilization of these fee-for-service agreements.

Li-Cycle Holdings Corp. (LICY) - Canvas Business Model: Channels

You're looking at the channels Li-Cycle Holdings Corp. (LICY), now operating as Glencore Battery Recycling ('GBR') following the August 8, 2025, acquisition by Glencore Plc, used to move materials and services. The reality as of late 2025 is a network in transition, heavily influenced by the May 2025 creditor protection filings and operational suspensions.

Direct Sales Team: Selling recovered materials (black mass, MHP) directly to Glencore and other partners

The primary channel for off-take, especially for the intermediate product black mass, involved direct commercial agreements with global leaders in the battery supply chain, including EV OEMs, battery manufacturers, miners, and raw material buyers. Post-acquisition, Glencore, the new owner, becomes the central off-take partner, signaling a shift in direct sales focus. Prior to the acquisition, Li-Cycle supported approximately 13 prominent EV manufacturers and approximately 15 key battery cell and material producers with recycling services throughout 2024.

Revenue recognition historically came from the sale of intermediate products like Black Mass & Equivalents (BM&E) from the Spokes. The Rochester Hub was planned to shift this to final products, such as battery-grade lithium carbonate and Mixed Hydroxide Precipitate (MHP).

Spoke Facilities Network: Collection and initial processing points for battery feedstock

The Spoke facilities serve as the initial collection and pre-processing layer, converting batteries and manufacturing scrap into black mass. This network was designed to be geographically close to customers to minimize transportation costs and safety risks. As of early 2025, before the operational curtailments, the network included facilities in North America and Europe.

However, you need to note the significant operational changes announced in May 2025:

• Operational Status (May 2025): Li-Cycle suspended operations at its Arizona and Alabama facilities.
• Workforce Impact: The company reduced its workforce by around 30 positions and furloughed more than 80 employees.
• Customer Support: Throughout 2024, Li-Cycle serviced customers across the United States and Germany.

Here's a look at the network's stated capacity, recognizing that operations were limited or suspended as of late 2025:

Facility Location (Pre-Suspension)	Stated Annual Processing Capacity (Battery Input Equivalent)	Product Output
Kingston, Ontario (Operational)	Part of total network capacity	Black Mass
Rochester, New York (Spoke)	Up to 5,000 tonnes per year (as of 2021)	Black Mass
Gilbert, Arizona (Operational)	Part of total network capacity	Black Mass
Tuscaloosa, Alabama (Operational)	Part of total network capacity	Black Mass
Magdeburg, Germany (Operational)	Up to 30,000 tonnes total (with one line at 10,000 tonnes)	Black Mass

The total installed processing capacity across the five operational Spokes was cited as 81,000 tonnes of lithium-ion battery material per year (based on 2023 figures). For full-year 2024, Li-Cycle produced approximately 5,370 tonnes of BM&E.

Rochester Hub (Future): Centralized hydrometallurgical processing for final battery-grade products

The Rochester Hub represents the planned second stage-the hydrometallurgical processing facility intended to convert black mass into battery-grade materials. This channel is currently stalled. Construction restart is contingent on securing additional financing, estimated at approximately $486.7 million to complete the project, which has a total estimated capital cost of about $960 million.

The facility was designed to process 35,000 tonnes of black mass per year. If fully operational, the expected output channels for final products included:

• Up to approximately 8,250 tonnes of battery-grade lithium carbonate per year.
• Up to approximately 72,000 tonnes of MHP per year.

The ability to draw down the $475 million loan facility from the U.S. Department of Energy was tied to meeting conditions, including completing the base equity contribution, which involved settling about $92 million in incurred costs and funding approximately $173 million in reserve account requirements, with the first advance deadline set for on or before November 7, 2025. The company filed for creditor protection in May 2025, making the restart of this channel highly dependent on the new Glencore ownership structure.

Li-Cycle Holdings Corp. (LICY) - Canvas Business Model: Customer Segments

You're looking at the customer base for Li-Cycle Holdings Corp. as of late 2025, post-acquisition by Glencore. This is a B2B model, focused entirely on the battery supply chain.

Global Mining and Trading Companies: Glencore, as the primary off-taker and now owner.

Glencore is now the controlling entity, having completed its acquisition of certain Li-Cycle subsidiaries and assets on August 8, 2025, via a credit bid. Prior to this, Glencore was a key financial backer and off-taker. As of August 7, 2025, Glencore held unsecured Convertible Notes in an aggregate principal amount of US$327,405,516.54. The commercial blueprint for battery metals with Glencore was inked in 2024 for North American facilities, and they collaborated on the German spoke facility.

Electric Vehicle (EV) Manufacturers: Approximately 13 OEMs supplying end-of-life batteries and scrap.

The demand from EV manufacturers drives the need for Li-Cycle Holdings Corp.'s services. The company's commercial footprint expanded in the EU with the addition of a second premium automotive OEM partner at its Germany Spoke announced on February 3, 2025. The volume of feedstock from EV sources is significant.

Here are the key figures related to EV OEM engagement as of the end of 2024:

Customer Group	Metric	Reported Number (FY 2024)
EV Manufacturers Supported	Number of Prominent OEMs	13
Top Feedstock Source	Description	Leading U.S. EV and battery manufacturer
EV Battery Pack Feedstock	Percentage of Global Feedstock (Q3 2024)	Approximately 40%

The largest source of battery feedstock during 2024 was a U.S.-headquartered, vertically integrated EV and battery manufacturer with a substantial global EV market share.

Battery Cell and Cathode Producers: Companies requiring high-purity, recycled critical minerals.

These customers are critical buyers for the final products derived from the hydrometallurgical process, such as lithium carbonate and mixed hydroxide precipitate (MHP). Li-Cycle Holdings Corp. has positioned itself as a preferred supplier to these blue-chip companies in the global battery supply chain.

• Supported approximately 15 key battery cell and material producers throughout 2024.
• The Rochester Hub, when operational, was designed to produce approximately 8,250 tonnes of lithium carbonate per year.
• The Rochester Hub was also expected to produce up to 72,000 tonnes of Mixed Hydroxide Precipitate (MHP) per year.

Government and Regulatory Bodies: Benefiting from domestic supply chain and environmental compliance.

Government support is a major factor, particularly for the stalled Rochester Hub project, which is intended to create a domestic closed-loop supply chain. The U.S. Department of Energy (DOE) Loan Programs Office (LPO) provided significant backing.

The relationship with regulatory bodies is quantified by the financing secured:

Li-Cycle Holdings Corp. closed a loan facility with the U.S. DOE's ATVM program up to $475 million, which was an increase from the initial commitment. The first advance under this facility is subject to conditions, including equity contribution, that must be met on or before November 7, 2025. The Rochester Hub facility is designed to process up to 35,000 tonnes of black mass per year. Finance: draft 13-week cash view by Friday.

Li-Cycle Holdings Corp. (LICY) - Canvas Business Model: Cost Structure

You're looking at the cost side of Li-Cycle Holdings Corp.'s (LICY) operations as of the latest reported figures, which reflect the impact of the strategic pause on major capital projects. Honestly, the cost structure is heavily influenced by the massive, yet currently stalled, investment in the Rochester Hub.

The company has been aggressively managing cash, which shows up clearly in the reduction of capital spending. For the full year 2024, Capital Expenditures (CapEx) dropped significantly to $23.9 million, a massive decrease from the $334.9 million spent in 2023. This drop is directly tied to the pause on the Rochester Hub and other development work. It's a clear sign of cash preservation in action.

Here's a quick look at how some of the major cost components stacked up based on the full-year 2024 results:

Cost Metric	2024 Amount	2023 Amount
Cost of Sales	$76.6 million	$81.8 million
Capital Expenditures (Full Year)	$23.9 million	$334.9 million
Total Revenue	$28.0 million	$18.3 million

Operating Costs are a major area of focus, especially for the Spoke network. You'll see high logistics and transportation expenses here because collecting and shipping used batteries to the processing facilities is inherently complex and costly. The company has been working on optimization initiatives at its Spoke business to try and make this more efficient.

Looking specifically at the Cost of Sales (CoS), Li-Cycle Holdings Corp. managed to bring this down in 2024. The CoS was $76.6 million for the year ended December 31, 2024, which is an improvement from $81.8 million in 2023. This reduction came from a few places:

• Cost of sales for product revenue fell by 9% or $7.3 million.
• This was helped by lower material costs and inventory adjustments.
• However, this saving was partially offset by increased holding costs related to the paused Rochester Hub.
• Cost of sales from service revenue actually increased by $2.1 million due to new service contracts being active for the full year of 2024.

The elephant in the room for long-term costs is the Rochester Hub construction. While CapEx dropped due to the pause, the total estimated cost for the facility remains enormous. The project's projected total cost was estimated to be nearly $1 billion in late 2023, up from earlier estimates. More recently, the cost to complete the project was estimated at $486.7 million before the first advance of the Department of Energy loan funds.

You should keep an eye on these key cost drivers:

• The need to settle outstanding incurred costs for the Hub, about $92 million as of September 30, 2024.
• Reserve account requirements for the DOE loan, estimated around $173 million.
• The ongoing, variable cost of logistics for battery collection across the Spoke network.

Finance: draft 13-week cash view by Friday.

Li-Cycle Holdings Corp. (LICY) - Canvas Business Model: Revenue Streams

You're looking at how Li-Cycle Holdings Corp. actually brings in cash right now, which is key for understanding its path forward, especially with the Rochester Hub paused. Honestly, the revenue streams are split between selling the recovered stuff and charging for the recycling service itself.

Material Sales: This is revenue from selling the recovered products, like black mass and the mixed hydroxide precipitate (MHP) once the Hub is fully running. This part of the business is definitely subject to the ups and downs of commodity prices for nickel, cobalt, and lithium.

Recycling Service Fees: These are the fees Li-Cycle Holdings Corp. charges its clients for taking their spent battery waste and processing it through their Spoke network. This stream is becoming more important as they sign more contracts.

Here's a quick look at how the revenue streams broke down based on the latest full-year figures Li-Cycle Holdings Corp. reported:

Revenue Component	FY 2024 Amount	Year-over-Year Change (vs. FY 2023)
Recycling Service Revenue	$11.9 million	More than doubled
Product Sales Revenue (Implied)	$15.4 million (Calculated: $27.3M total product/service - $11.9M service)	Decreased (partially offset by lower commodity prices)
Total Revenue from Product Sales and Recycling Services	$27.3 million	16% increase

The company produced approximately 5,370 tonnes of black mass and equivalents (BM&E) across its Spoke network in full-year 2024. The revenue from product sales specifically saw a dip, which management tied to the product mix and those commodity price fluctuations.

Total Revenue (FY 2024): For the fiscal year ended December 31, 2024, Li-Cycle Holdings Corp. reported total revenue of $28.0 million. That's a solid 53% jump compared to the $18.3 million reported in 2023. This growth was helped by a favorable non-cash fair market value pricing adjustment of $0.7 million in 2024, compared to an unfavorable adjustment of $5.3 million the year prior.

Future Revenue Potential: The big potential upside is tied to the Rochester Hub, North America's first commercial-scale hydrometallurgical resource recovery facility. Li-Cycle Holdings Corp. projects that once this facility is fully operational, it is expected to generate over $200 million annually in revenue. This is based on its expected output capacity.

The Rochester Hub's expected annual output under the mixed hydroxide precipitate (MHP) scope is substantial, which underpins that future revenue projection:

Rochester Hub Projected Output (Annual)	Volume
Mixed Hydroxide Precipitate (MHP)	Up to approximately 72,000 tonnes
Battery-Grade Lithium Carbonate	Up to approximately 8,250 tonnes
Black Mass Processing Capacity (Nameplate)	35,000 tonnes

Li-Cycle Holdings Corp. has secured a 100% off-take agreement with Glencore Ltd. for the MHP production from the Rochester Hub, which helps de-risk that future revenue stream.

You should track the restart of construction on the Rochester Hub closely; that's the key action needed to unlock this future revenue potential.