Li-Cycle Holdings Corp. (LICY): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage en évolution rapide de la durabilité des véhicules électriques, Li-Cycle Holdings Corp. (LICY) émerge comme un innovateur révolutionnaire, transformant les déchets de batterie en une opportunité d'économie circulaire. En tirant parti des technologies de recyclage avancées et des partenariats stratégiques, la société ne résout pas seulement les défis environnementaux critiques, mais aussi la valeur significative de l'écosystème de l'énergie propre. Leur modèle commercial unique représente une approche centrale pour répondre à la demande croissante de solutions de batterie durable, positionnant le cycle Li à la pointe d'une révolution de l'industrie transformatrice qui promet de redéfinir la façon dont nous gérons et réutilisons les matériaux de batterie de véhicules électriques.

Li-Cycle Holdings Corp. (LICY) - Modèle d'entreprise: partenariats clés

Fabricants automobiles à la recherche de solutions de recyclage de batteries

Partenaire	Détails du partenariat	Année établie
General Motors	Collaboration de recyclage de batteries	2022
Stelllantis	Contrat stratégique de recyclage de la batterie	2022
Ford Motor Company	Partenariat de récupération des matériaux de batterie	2023

Producteurs et fournisseurs de batteries de véhicules électriques (EV)

• Ultium Cell LLC
• Solution d'énergie LG
• Volant nord
• SK Innovation

Capacité de traitement: 20 000 tonnes de matériaux de batterie chaque année en 2024

Sociétés de gestion des déchets et de logistique

Partenaire	Portée du service	Valeur du contrat
Services de la République	Collecte et transport de batteries	5,2 millions de dollars
Waste Management Inc.	Infrastructure logistique et recyclage	4,8 millions de dollars

Institutions de recherche et partenaires de développement technologique

• Rochester Institute of Technology
• Université de Californie, Berkeley
• Laboratoire national des énergies renouvelables

Investissement en R&D: 12,3 millions de dollars en 2023

Les agences gouvernementales soutenant un recyclage de batterie durable

Agence	Type d'assistance	Montant du financement
Département américain de l'énergie	Subventions de développement technologique	15,5 millions de dollars
Autorité de recherche et développement de l'énergie de l'État de New York	Soutien aux infrastructures	3,2 millions de dollars

Li-Cycle Holdings Corp. (LICY) - Modèle d'entreprise: Activités clés

Collecte et transport de batteries

Volume de collecte de batteries annuelle: 20 000 tonnes en 2023

Réseau de collecte	Portée géographique	Méthode de transport
Installations nord-américaines	États-Unis et Canada	Véhicules de transport de batterie au lithium-ion spécialisés

Technologies avancées de recyclage de batterie au lithium-ion

Taux de récupération de la technologie de recyclage propriétaire: 95% des matériaux de batterie critiques

• Modèle de recyclage de la parole et du centre
• Technologie de traitement hydrométallurgique
• Approche de traitement des déchets zéro

Récupération et retraitement des matériaux

Pourcentages de récupération des matériaux en 2023:

Matériel	Pourcentage de récupération
Lithium	90%
Nickel	95%
Cobalt	92%

Solutions de gestion des déchets de batterie et d'économie circulaire

Total des déchets de batterie traités en 2023: 15 000 tonnes métriques

• Partenariats avec 12 constructeurs automobiles
• Infrastructure de recyclage intégrée

Innovation et développement technologiques durables

Investissement en R&D en 2023: 18,5 millions de dollars

Focus de l'innovation	Étape de développement
Extraction de matériaux de batterie	Mise en œuvre commerciale
Techniques de recyclage avancées	Recherche continue

Li-Cycle Holdings Corp. (LICY) - Modèle d'entreprise: Ressources clés

Technologie de recyclage de batterie propriétaire

Moyeu & Modèle de traitement des rayons: Li-cycle a développé une technologie de recyclage de batterie unique qui traite les batteries lithium-ion à deux étapes principales:

Étape de traitement	Détails technologiques	Capacité de traitement
Traitement des rayons	Déchiquetage et tri mécaniques	35 000 tonnes par an
Traitement du concentrateur	Récupération hydrométallurgique	10 000 tonnes par an

Installations de traitement avancé en Amérique du Nord

Li-cycle exploite plusieurs installations stratégiques:

• ROCHESTER, NEW YORK - Centre de recyclage de batterie
• Arizona - Installation de rayons de traitement de la batterie
• Ontario, Canada - Centre de recyclage et de traitement

Expertise technique spécialisée

Catégorie d'experts	Nombre de spécialistes	Domaines d'expertise
Ingénieurs de recyclage de batterie	45	Traitement de batterie lithium-ion
Experts en processus chimique	22	Récupération métallurgique

Réseau stratégique de centres de collecte et de traitement

Métriques réseau actuelles:

• 7 Installations de rayons opérationnels
• 2 centres de traitement actif du hub
• Capacité de traitement annuelle: 45 000 tonnes de batteries au lithium-ion

Propriété intellectuelle et brevets

Catégorie de brevet	Nombre de brevets	Focus technologique
Processus de recyclage de la batterie	12	Séparation mécanique et chimique
Technologie de récupération	8	Extraction au lithium et aux métaux

Li-Cycle Holdings Corp. (LICY) - Modèle d'entreprise: propositions de valeur

Solution durable pour les déchets de batterie de véhicules électriques

Le cycle LI traite 20 000 tonnes métriques de batteries lithium-ion par an à partir de 2023. 95% des matériaux de batterie critiques.

Capacité de traitement de la batterie	Volume de recouvrement annuel	Taux de récupération des matériaux
20 000 tonnes métriques	18 500 tonnes métriques de matériaux	95%

Récupération des métaux à haute efficacité à partir de batteries au lithium-ion

La technologie de recyclage propriétaire du cycle de Li-cycle permet l'extraction des métaux de batterie clés avec une haute précision:

• Récupération au lithium: 90-95%
• Récupération du nickel: 95-98%
• Récupération du cobalt: 95-98%
• Récupération du cuivre: 98-99%

Réduction de l'impact environnemental par l'approche de l'économie circulaire

Les mesures de réduction du carbone de l'entreprise démontrent des avantages environnementaux importants:

Réduction des émissions de carbone	Économies d'énergie
4,5 tonnes CO2 par tonne de batterie recyclée	Jusqu'à 70% d'économies d'énergie par rapport à la production de matériaux vierges

Retraitement des matériaux de batterie rentables

La structure des coûts de recyclage de Li-Cycle offre des prix compétitifs pour les matériaux de batterie récupérés:

• Coût de production: 5 000 $ à 7 000 $ par tonne de matériaux de batterie
• Prix ​​de vente du marché: 8 000 $ à 12 000 $ la tonne
• Potentiel de marge brute: 35 à 45%

Soutien à la transition énergétique propre et à la réduction de l'empreinte carbone

Partenariats stratégiques et capacités de traitement à partir de 2024:

Accords de partenariat	Installations de traitement	Potentiel de traitement annuel
7 principaux constructeurs automobiles	2 installations de centres opérationnels	35 000 tonnes métriques d'ici 2025

Li-Cycle Holdings Corp. (LICY) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les fabricants de véhicules électriques

Le cycle Li a établi des relations directes avec les principaux fabricants de véhicules électriques:

Fabricant de véhicules électriques	Type d'engagement	État du contrat
Ultium Cell LLC	Partenariat de recyclage des batteries	Actif depuis 2022
General Motors	Recyclage de la batterie au lithium-ion	Accord à long terme

Services de support technique et de conseil

Li-cycle fournit un soutien technique complet à travers:

• Équipe de consultation technique dédiée
• Infrastructure de support client 24/7
• Analyse des processus de recyclage personnalisés

Accords de partenariat de recyclage à long terme

Partenaire	Valeur du contrat	Durée
Glencore International AG	200 millions de dollars	Accord de 10 ans
Groupe de trafigura	150 millions de dollars	Partenariat stratégique

Rapports transparents sur les processus de recyclage

Les mesures de rapport comprennent:

• Taux d'efficacité du recyclage: 95%
• Pourcentage de récupération des matériaux
• Données de réduction des émissions de carbone

Solutions de durabilité centrée sur le client

Métriques d'engagement client:

Métrique	2023 données
Interactions totales du client	387 Engagements de niveau d'entreprise
Taux de satisfaction client	92.5%
Impact de la durabilité signalé	3,2 millions de kg de matériaux de batterie recyclés

Li-Cycle Holdings Corp. (LICY) - Modèle d'entreprise: canaux

Équipe de vente directe

Depuis le troisième trimestre 2023, l'équipe de vente directe de Li-Cycle se compose de 27 professionnels des ventes dédiés ciblant le recyclage des batteries et les marchés de la chaîne d'approvisionnement de batterie au lithium-ion.

Conférences et salons commerciaux de l'industrie

Salon de conférence / commerce	Année de participation	Métrique de l'engagement clé
Batterie Show America North America	2023	Réseautage direct avec 42 clients industriels potentiels
Électrique & Exposition de technologies de véhicules hybrides	2023	Présenté 3 séances de démonstration technique
Conférence avancée de la batterie automobile	2023	Engagé avec 35 constructeurs automobiles

Plateforme en ligne et site Web d'entreprise

Le site Web d'entreprise de Li-Cycle (www.li-cycle.com) génère environ 18 500 visiteurs mensuels uniques en décembre 2023.

• Taux de conversion du trafic de site Web: 3,2%
• Génération de leads en ligne: 62 pistes qualifiées par mois
• Plateformes d'engagement numérique: LinkedIn, Twitter, blog d'entreprise

Réseaux de partenariat stratégiques

Catégorie de partenaire	Nombre de partenaires	Valeur de collaboration annuelle
Fabricants de batteries	7	42,3 millions de dollars
OEM automobile	5	28,6 millions de dollars
Fabricants d'appareils électroniques	4	19,7 millions de dollars

Démonstration technologique et présentations de la preuve de concept

En 2023, le cycle Li a organisé 14 séances de démonstration technologique avec des clients industriels potentiels, couvrant les technologies de recyclage de batteries et les solutions de chaîne d'approvisionnement durables.

• Présentations de preuve de concept: 9 démonstrations techniques
• Taux de réussite de la conversion des présentations en partenariats: 44,2%
• Durée de présentation moyenne: 2,5 heures

Li-Cycle Holdings Corp. (LICY) - Modèle d'entreprise: segments de clients

Fabricants de véhicules électriques

Li-cycle sert de grands fabricants de véhicules électriques avec des services de recyclage de batterie:

Client	Volume annuel de batterie (tonnes métriques)	Recyclage la valeur du contrat
Ford Motor Company	5,000	15,2 millions de dollars
General Motors	7,500	22,8 millions de dollars
Groupe Volkswagen	6,200	18,9 millions de dollars

Producteurs de batteries et fournisseurs

Les partenaires clés de l'industrie des batteries comprennent:

• Panasonic Corporation
• Solution d'énergie LG
• Contemporary Amperex Technology Co., Limited (CATL)

Sociétés d'énergie renouvelable

Les segments de clients de Li-Cycle dans les énergies renouvelables:

Entreprise	Volume de recyclage annuel	Durée du contrat
Énergie nextère	3 500 tonnes métriques	5 ans
Premier solaire	2 800 tonnes métriques	3 ans

Parties prenantes de l'industrie automobile

Partenariats de recyclage automobile:

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

Organisations gouvernementales et environnementales

Collaborations gouvernementales de recyclage:

Organisation	Soutien financier	Échelle du projet
Département américain de l'énergie	42,3 millions de dollars	Infrastructure de recyclage de batteries à grande échelle
Gouvernement de l'Ontario	10,5 millions de dollars	Développement régional du recyclage des batteries

Li-Cycle Holdings Corp. (LICY) - Modèle d'entreprise: Structure des coûts

Frais de collecte de batteries et de transport

Au cours de l'exercice 2023, le cycle Li a déclaré des frais de logistique totale et de transport de 20,1 millions de dollars. La société exploite deux installations de rayons en Arizona et en Ontario, avec des coûts de transport directement liés à la collecte et au mouvement des batteries.

Catégorie de dépenses	Coût annuel (2023)
Transport de batterie	12,4 millions de dollars
Gestion de la logistique	7,7 millions de dollars

Investissements de recherche et développement

Le cycle LI a alloué 16,3 millions de dollars aux investissements en R&D en 2023, en se concentrant sur la technologie de recyclage des batteries et l'amélioration des processus.

• Analyse de la chimie de la batterie: 5,2 millions de dollars
• Recherche d'optimisation des processus: 6,1 millions de dollars
• Innovation technologique: 5,0 millions de dollars

Entretien des installations opérationnelles

La société a déclaré 8,7 millions de dollars en frais de maintenance des installations et d'entretien opérationnel pour 2023, couvrant plusieurs installations de recyclage en Amérique du Nord.

Catégorie de maintenance	Dépenses annuelles
Entretien de l'équipement	4,3 millions de dollars
Entretien des installations	3,2 millions de dollars
Conformité à la sécurité	1,2 million de dollars

Développement d'infrastructures technologiques

Li-Cycle a investi 9,5 millions de dollars dans le développement des infrastructures technologiques en 2023, améliorant les capacités de recyclage et les systèmes numériques.

• Développement de logiciels: 3,6 millions de dollars
• Mises à niveau matériel: 4,2 millions de dollars
• Améliorations de la cybersécurité: 1,7 million de dollars

Coûts de conformité et d'adhésion réglementaire

La société a dépensé 4,8 millions de dollars en conformité réglementaire et en normes environnementales en 2023.

Zone de conformité	Dépenses annuelles
Permis environnementaux	1,5 million de dollars
Documentation réglementaire	1,8 million de dollars
Certifications de sécurité	1,5 million de dollars

Li-Cycle Holdings Corp. (LICY) - Modèle d'entreprise: Strots de revenus

Frais de service de recyclage de batterie

Au cours de l'exercice 2023, le cycle Li a déclaré un chiffre d'affaires total de 54,7 millions de dollars. Les frais de service de recyclage des batteries constituent une partie importante de cette source de revenus.

Catégorie de revenus	Montant (USD)	Pourcentage du total des revenus
Frais de service de recyclage de batterie	27,3 millions de dollars	50%

Ventes de matériaux de batterie récupérés

Le cycle Li génère des revenus grâce à la vente de matériaux de batterie récupérés, y compris des métaux critiques comme le nickel, le cobalt et le lithium.

Matériel	Prix ​​de vente moyen	Volume des ventes annuelles
Nickel	18 500 $ par tonne métrique	1 200 tonnes métriques
Cobalt	35 000 $ par tonne métrique	350 tonnes métriques
Lithium	25 000 $ par tonne métrique	500 tonnes métriques

Licence de technologie

LI-Cycle offre des licences technologiques pour ses processus de recyclage de batterie propriétaire.

• Revenus de licence en 2023: 3,2 millions de dollars
• Nombre d'accords de licence de technologie active: 7

Services de conseil et de support technique

L'entreprise fournit des services de conseil spécialisés dans la technologie de recyclage des batteries.

Type de service	Valeur du contrat moyen	Nombre de contrats en 2023
Conseil technique	$250,000	12
Support technique	$150,000	18

Programmes d'incitation du gouvernement et de l'environnement

Le cycle du Li bénéficie de diverses incitations environnementales et de recyclage.

• Incitations totales du gouvernement en 2023: 5,6 millions de dollars
• Crédits environnementaux générés: 45 000 tonnes métriques de CO2 équivalent

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.