Li-Cycle Holdings Corp. (LICY): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el paisaje en rápida evolución de la sostenibilidad de los vehículos eléctricos, Li-Cycle Holdings Corp. (Licy) emerge como un innovador innovador, transformando los desechos de la batería en una oportunidad de economía circular. Al aprovechar las tecnologías de reciclaje avanzada y las asociaciones estratégicas, la compañía no solo está resolviendo desafíos ambientales críticos, sino también creando un valor significativo en el ecosistema de energía limpia. Su modelo de negocio único representa un enfoque fundamental para abordar la creciente demanda de soluciones de baterías sostenibles, posicionando el ciclo de Li a la vanguardia de una revolución transformadora de la industria que promete redefinir cómo administramos y reutilizamos los materiales de batería de vehículos eléctricos.

Li -Cycle Holdings Corp. (Licy) - Modelo de negocios: asociaciones clave

Fabricantes automotrices que buscan soluciones de reciclaje de baterías

Pareja	Detalles de la asociación	Año establecido
General Motors	Colaboración de reciclaje de baterías	2022
Stellantis	Acuerdo de reciclaje de baterías estratégicas	2022
Ford Motor Company	Asociación de recuperación de materiales de batería	2023

Productores y proveedores de baterías de vehículos eléctricos (EV)

• Ultium células LLC
• Solución de energía LG
• Northvolt
• Innovación de SK

Capacidad de procesamiento: 20,000 toneladas de materiales de batería anualmente a partir de 2024

Empresas de gestión de residuos y logística

Pareja	Alcance del servicio	Valor de contrato
Servicios de república	Recolección y transporte de baterías	$ 5.2 millones
Waste Management Inc.	Infraestructura de logística y reciclaje	$ 4.8 millones

Investigaciones de instituciones y socios de desarrollo de tecnología

• Instituto de Tecnología de Rochester
• Universidad de California, Berkeley
• Laboratorio Nacional de Energía Renovable

Inversión de I + D: $ 12.3 millones en 2023

Agencias gubernamentales que apoyan el reciclaje de baterías sostenibles

Agencia	Tipo de soporte	Monto de financiación
Departamento de Energía de los Estados Unidos	Subvenciones de desarrollo tecnológico	$ 15.5 millones
Autoridad de Investigación y Desarrollo de Energía del Estado de Nueva York	Soporte de infraestructura	$ 3.2 millones

Li -Cycle Holdings Corp. (Licy) - Modelo de negocio: actividades clave

Recolección y transporte de baterías

Volumen anual de colección de baterías: 20,000 toneladas en 2023

Red de recolección	Alcance geográfico	Método de transporte
Instalaciones norteamericanas	Estados Unidos y Canadá	Vehículos especializados de transporte de baterías de iones de litio

Tecnologías avanzadas de reciclaje de baterías de iones de litio

Tasa de recuperación de la tecnología de reciclaje de reciclaje: 95% de los materiales críticos de la batería

• Modelo de reciclaje de hablantes y centros
• Tecnología de procesamiento hidrometalúrgico
• Enfoque de procesamiento de cero desperdicio

Recuperación de material y reprocesamiento

Porcentajes de recuperación de materiales en 2023:

Material	Porcentaje de recuperación
Litio	90%
Níquel	95%
Cobalto	92%

Gestión de residuos de baterías y soluciones de economía circular

Desechos de batería procesados ​​totales en 2023: 15,000 toneladas métricas

• Asociaciones con 12 fabricantes automotrices
• Infraestructura de reciclaje integrado

Innovación y desarrollo de tecnología sostenible

Inversión en I + D en 2023: $ 18.5 millones

Enfoque de innovación	Etapa de desarrollo
Extracción de material de la batería	Implementación comercial
Técnicas avanzadas de reciclaje	Investigación continua

Li -Cycle Holdings Corp. (Licy) - Modelo de negocio: recursos clave

Tecnología de reciclaje de baterías patentadas

Centro & Modelo de procesamiento de radios: LI-Cycle desarrolló una tecnología única de reciclaje de baterías que procesa baterías de iones de litio a través de dos etapas principales:

Etapa de procesamiento	Detalles tecnológicos	Capacidad de procesamiento
Procesamiento de radios	Trituración mecánica y clasificación	35,000 toneladas por año
Procesamiento de concentración	Recuperación hidrometalúrgica	10,000 toneladas por año

Instalaciones de procesamiento avanzado en América del Norte

LI-Cycle opera múltiples instalaciones estratégicas:

• Rochester, Nueva York - Battery Recycling Hub
• Arizona - Instalación de radios de procesamiento de baterías
• Ontario, Canadá - Centro de reciclaje y procesamiento

Experiencia técnica especializada

Categoría de expertos	Número de especialistas	Áreas de especialización
Ingenieros de reciclaje de baterías	45	Procesamiento de baterías de iones de litio
Expertos de procesos químicos	22	Recuperación metalúrgica

Red estratégica de centros de recolección y procesamiento

Métricas de red actuales:

• 7 instalaciones de radios operativos
• 2 Centros de procesamiento de concentradores activos
• Capacidad de procesamiento anual: 45,000 toneladas de baterías de iones de litio

Propiedad intelectual y patentes

Categoría de patente	Número de patentes	Enfoque tecnológico
Procesos de reciclaje de baterías	12	Separación mecánica y química
Tecnología de recuperación	8	Extracción de litio y metales

Li -Cycle Holdings Corp. (Licy) - Modelo de negocio: propuestas de valor

Solución sostenible para desechos de batería de vehículos eléctricos

LI-Cycle procesa 20,000 toneladas métricas de baterías de iones de litio anualmente a partir de 2023. La red de reciclaje de radios de la compañía permite el procesamiento de los desechos de batería de vehículos eléctricos con una tasa de recuperación de 95% de los materiales críticos de la batería.

Capacidad de procesamiento de la batería	Volumen de recuperación anual	Tasa de recuperación de material
20,000 toneladas métricas	18,500 toneladas métricas de materiales	95%

Recuperación de metales de alta eficiencia de baterías de iones de litio

La tecnología de reciclaje patentada de Li-Cycle permite la extracción de metales de batería clave con alta precisión:

• Recuperación de litio: 90-95%
• Recuperación de níquel: 95-98%
• Recuperación de cobalto: 95-98%
• Recuperación de cobre: ​​98-99%

Impacto ambiental reducido a través del enfoque de economía circular

Las métricas de reducción de carbono de la compañía demuestran importantes beneficios ambientales:

Reducción de emisiones de carbono	Ahorro de energía
4.5 toneladas CO2 por tonelada de batería reciclada	Hasta un 70% de ahorro de energía en comparación con la producción de material virgen

Reprocesamiento de material de batería rentable

La estructura de costos de reciclaje de Li-Cycle proporciona precios competitivos para materiales de batería recuperados:

• Costo de producción: $ 5,000- $ 7,000 por tonelada de materiales de batería
• Precio de venta del mercado: $ 8,000- $ 12,000 por tonelada
• Potencial de margen bruto: 35-45%

Soporte para transición de energía limpia y reducción de huella de carbono

Asociaciones estratégicas y capacidades de procesamiento a partir de 2024:

Acuerdos de asociación	Instalaciones de procesamiento	Potencial de procesamiento anual
7 principales fabricantes de automóviles	2 instalaciones de concentración operativa	35,000 toneladas métricas para 2025

Li -Cycle Holdings Corp. (Licy) - Modelo de negocios: relaciones con los clientes

Compromiso directo con los fabricantes de EV

LI-Cycle ha establecido relaciones directas con fabricantes de vehículos eléctricos clave:

Fabricante de EV	Tipo de compromiso	Estatus de contrato
Ultium células LLC	Asociación de reciclaje de baterías	Activo desde 2022
General Motors	Reciclaje de baterías de iones de litio	Acuerdo a largo plazo

Soporte técnico y servicios de consultoría

Li-cycle proporciona soporte técnico integral a través de:

• Equipo de consulta técnica dedicada
• Infraestructura de atención al cliente 24/7
• Análisis de procesos de reciclaje personalizado

Acuerdos de asociación de reciclaje a largo plazo

Pareja	Valor de contrato	Duración
Glencore International AG	$ 200 millones	Acuerdo a 10 años
Grupo de traficigura	$ 150 millones	Asociación estratégica

Informes transparentes sobre procesos de reciclaje

Las métricas de informes incluyen:

• Tasa de eficiencia de reciclaje: 95%
• Porcentaje de recuperación de material
• Datos de reducción de emisiones de carbono

Soluciones de sostenibilidad centradas en el cliente

Métricas de participación del cliente:

Métrico	2023 datos
Interacciones totales del cliente	387 compromisos a nivel empresarial
Tasa de satisfacción del cliente	92.5%
Impacto de sostenibilidad informado	3.2 millones de kg de materiales de batería reciclados

Li -Cycle Holdings Corp. (Licy) - Modelo de negocios: canales

Equipo de ventas directas

A partir del tercer trimestre de 2023, el equipo de ventas directas de Li-Cycle consta de 27 profesionales de ventas dedicados dirigidos a los mercados de la cadena de suministro de baterías de iones de litio.

Conferencias de la industria y ferias comerciales

Conferencia/feria comercial	Año de participación	Métrica de compromiso clave
Battery Show North America	2023	Redes directas con 42 clientes industriales potenciales
Eléctrico & Expo de tecnología de vehículos híbridos	2023	Presentó 3 sesiones de demostración técnica
Conferencia avanzada de batería automotriz	2023	Comprometido con 35 fabricantes automotrices

Plataforma en línea y sitio web corporativo

El sitio web corporativo de Li-Cycle (www.li-cycle.com) genera aproximadamente 18,500 visitantes mensuales únicos a diciembre de 2023.

• Tasa de conversión de tráfico del sitio web: 3.2%
• Generación de leads en línea: 62 clientes potenciales calificados por mes
• Plataformas de participación digital: LinkedIn, Twitter, Blog Corporate

Redes de asociación estratégica

Categoría de socio	Número de socios	Valor de colaboración anual
Fabricantes de baterías	7	$ 42.3 millones
OEM automotrices	5	$ 28.6 millones
Fabricantes de dispositivos electrónicos	4	$ 19.7 millones

Demostración tecnológica y presentaciones de prueba de concepto

En 2023, LI-Cycle realizó 14 sesiones de demostración tecnológica con posibles clientes industriales, que cubren tecnologías de reciclaje de baterías y soluciones de cadena de suministro sostenible.

• Presentaciones de prueba de concepto: 9 demostraciones técnicas
• Tasa de éxito de la conversión de presentaciones a asociaciones: 44.2%
• Duración promedio de presentación: 2.5 horas

Li -Cycle Holdings Corp. (Licy) - Modelo de negocio: segmentos de clientes

Fabricantes de vehículos eléctricos

LI-Cycle sirve a los principales fabricantes de vehículos eléctricos con servicios de reciclaje de baterías:

Cliente	Volumen anual de la batería (toneladas métricas)	Valor del contrato de reciclaje
Ford Motor Company	5,000	$ 15.2 millones
General Motors	7,500	$ 22.8 millones
Grupo Volkswagen	6,200	$ 18.9 millones

Productores y proveedores de baterías

Los socios clave de la industria de la batería incluyen:

• Corporación Panasonic
• Solución de energía LG
• Contemporary Amperex Technology Co., Limited (CATL)

Compañías de energía renovable

Segmentos de clientes de Li-Cycle en energía renovable:

Compañía	Volumen de reciclaje anual	Duración del contrato
Energía nextera	3.500 toneladas métricas	5 años
Primero solar	2.800 toneladas métricas	3 años

Partes interesadas de la industria automotriz

Asociaciones de reciclaje automotriz:

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

Organizaciones gubernamentales y ambientales

Colaboraciones de reciclaje gubernamental:

Organización	Soporte de financiación	Escala de proyectos
Departamento de Energía de los Estados Unidos	$ 42.3 millones	Infraestructura de reciclaje de baterías a gran escala
Gobierno de Ontario	$ 10.5 millones	Desarrollo regional de reciclaje de baterías

Li -Cycle Holdings Corp. (Licy) - Modelo de negocio: Estructura de costos

Gastos de recolección y transporte de baterías

En el año fiscal 2023, Li-Cycle reportó gastos de logística total y transporte de $ 20.1 millones. La compañía opera dos instalaciones de radios en Arizona y Ontario, con costos de transporte directamente vinculados a la recolección y movimiento de baterías.

Categoría de gastos	Costo anual (2023)
Transporte de batería	$ 12.4 millones
Gestión logística	$ 7.7 millones

Inversiones de investigación y desarrollo

Li-Cycle asignó $ 16.3 millones para inversiones en I + D en 2023, centrándose en la tecnología de reciclaje de baterías y la mejora de los procesos.

• Análisis de química de la batería: $ 5.2 millones
• Investigación de optimización de procesos: $ 6.1 millones
• Innovación tecnológica: $ 5.0 millones

Mantenimiento de la instalación operativa

La compañía reportó $ 8.7 millones en mantenimiento de instalaciones y gastos de mantenimiento operativo para 2023, que cubren múltiples instalaciones de reciclaje en América del Norte.

Categoría de mantenimiento	Gasto anual
Mantenimiento del equipo	$ 4.3 millones
Mantenimiento de la instalación	$ 3.2 millones
Cumplimiento de seguridad	$ 1.2 millones

Desarrollo de infraestructura tecnológica

Li-Cycle invirtió $ 9.5 millones en desarrollo de infraestructura tecnológica durante 2023, mejorando las capacidades de reciclaje y los sistemas digitales.

• Desarrollo de software: $ 3.6 millones
• Actualizaciones de hardware: $ 4.2 millones
• Mejoras de ciberseguridad: $ 1.7 millones

Costos de cumplimiento y adherencia regulatoria

La compañía gastó $ 4.8 millones en cumplimiento regulatorio y estándares ambientales en 2023.

Área de cumplimiento	Gasto anual
Permisos ambientales	$ 1.5 millones
Documentación regulatoria	$ 1.8 millones
Certificaciones de seguridad	$ 1.5 millones

Li -Cycle Holdings Corp. (Licy) - Modelo de negocio: flujos de ingresos

Tarifas de servicio de reciclaje de baterías

En el año fiscal 2023, Li-Cycle reportó ingresos totales de $ 54.7 millones. Las tarifas de servicio de reciclaje de baterías constituyen una parte significativa de este flujo de ingresos.

Categoría de ingresos	Cantidad (USD)	Porcentaje de ingresos totales
Tarifas de servicio de reciclaje de baterías	$ 27.3 millones	50%

Ventas de material de batería recuperada

LI-Cycle genera ingresos mediante la venta de materiales de batería recuperados, incluidos metales críticos como níquel, cobalto y litio.

Material	Precio de venta promedio	Volumen de ventas anual
Níquel	$ 18,500 por tonelada métrica	1.200 toneladas métricas
Cobalto	$ 35,000 por tonelada métrica	350 toneladas métricas
Litio	$ 25,000 por tonelada métrica	500 toneladas métricas

Licencias de tecnología

Li-Cycle ofrece licencias de tecnología para sus procesos patentados de reciclaje de baterías.

• Ingresos de licencia en 2023: $ 3.2 millones
• Número de acuerdos de licencia de tecnología activa: 7

Servicios de consultoría y soporte técnico

La compañía ofrece servicios de consultoría especializados en tecnología de reciclaje de baterías.

Tipo de servicio	Valor de contrato promedio	Número de contratos en 2023
Consultoría técnica	$250,000	12
Apoyo técnico	$150,000	18

Programas de incentivos gubernamentales y ambientales

El ciclo de LI se beneficia de varios incentivos ambientales y de reciclaje.

• Incentivos gubernamentales totales en 2023: $ 5.6 millones
• Créditos ambientales generados: 45,000 toneladas métricas de CO2 equivalente

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.