Li-Cycle Holdings Corp. (LICY): Business Model Canvas [Dec-2025 Updated]

You're looking at the new reality for Li-Cycle Holdings Corp. (LICY) after the August 2025 Glencore takeover, and honestly, the old playbook is out the window. As a former analyst who's seen these pivots before, the core question now is whether this new structure-backed by Glencore and conditional DOE funds-can finally get the near $1 billion Rochester Hub operational to secure that onshored supply chain you're tracking. We need to map out how the nine building blocks, from their patented Spoke & Hub tech to the $28.0 million in FY 2024 revenue, fit under the new ownership to make this circular economy vision work; check out the full canvas breakdown below to see the strategy shift.

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

You're looking at the core relationships that underpinned Li-Cycle Holdings Corp. (LICY) right up to the end of 2025, which, honestly, shifted dramatically mid-year. The most significant event was the acquisition by Glencore Plc on August 8, 2025, following the company's creditor protection filings in May 2025. Glencore, which was already a secured lender, finalized the takeover with a stalking horse bid of at least $40 million USD, after initially providing $10.5 million in debtor-in-possession financing to keep operations afloat. This move consolidated Li-Cycle's assets, including four North American spoke facilities, the German spoke in Magdeburg, the Rochester Hub project, and all intellectual property, under the new banner of Glencore Battery Recycling ("GBR").

The relationship with the U.S. Department of Energy (DOE) was a lifeline, though its immediate impact was complicated by the acquisition. Li-Cycle had closed a conditional loan facility of up to $475 million in November 2024, comprised of up to $445 million in principal and up to $30 million in capitalized interest through the ATVM program. This was the first DOE loan finalized for a battery resource recovery facility. A critical condition was that the first advance under this facility had to occur on or before November 7, 2025, which required Li-Cycle to secure the remaining equity contribution, estimated to be around $265 million in cash or credit, a hurdle that ultimately contributed to the bankruptcy filing. The Rochester Hub, once fully operational, is projected to output approximately 8,250 tonnes of lithium carbonate and up to 72,000 tonnes of mixed hydroxide precipitate (MHP) annually.

Securing feedstock through supply agreements with major EV manufacturers and battery producers was central to the business case. As of year-end 2024, Li-Cycle was serving a diversified base, working with approximately 13 EV manufacturers and 15 battery cell and material producers. This included securing its largest battery feedstock supplier, a major U.S.-based EV and battery manufacturer, in 2024. Furthermore, in October 2025, Li-Cycle partnered with major automakers specifically to recycle end-of-life EV batteries at scale. For context on input volume, Li-Cycle achieved a production milestone of approximately 5,370 tonnes of black mass and equivalents in 2024.

The operational structure required robust logistical support for moving materials across borders, especially for the Spoke & Hub model. The spokes, like the one in Magdeburg, process materials into black mass, which then needs transport to the Hubs for final refining. While specific logistics providers weren't detailed in the final acquisition filings, the complexity of cross-border movement for hazardous battery materials necessitates formal agreements with specialized global carriers.

Here's a quick look at the key financial and capacity figures tied to these relationships as of late 2025:

The operational network relies on these key relationships for both capital and material flow. You can see the dependency on external financing, even post-acquisition, to meet the DOE conditions and restart the critical Hub construction. The customer base, while broad in 2024, was immediately integrated into Glencore's existing commercial structure post-August 2025.

• Glencore assumed liabilities via an undisclosed credit bid in the August 2025 acquisition.
• The German spoke facility in Magdeburg began commercial operation in August 2023.
• Li-Cycle's total processing capacity across its facilities before the acquisition was 61,000 metric tons annually.
• The company had announced job cuts representing 17% of its workforce in 2024 to save about $10 million USD annually.

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

You're looking at the core engine of Li-Cycle Holdings Corp., the activities that turn spent batteries into valuable precursors. It's a capital-intensive, two-stage process, and as of late 2025, the execution of these activities has been heavily shaped by financial restructuring following the May 2025 bankruptcy filing.

The primary operational activity centers on the Spoke facilities, which handle the mechanical processing-shredding and separating batteries into a powder called black mass. This is the initial, less capital-intensive stage designed to be geographically close to feedstock sources in North America and Europe. By the end of 2024, Li-Cycle Holdings Corp. was supporting approximately 13 prominent EV manufacturers and about 15 key battery cell and material producers with these recycling services. The German outpost in Magdeburg remains operational, processing an initial 10,000 tonnes of material annually, with plans for that to rise to 30,000 tonnes in the future.

Here's a snapshot of the output from the Spoke network based on the last full year of reported data:

The second, more complex activity involves the Rochester Hub construction, which is the hydrometallurgical facility meant to refine the black mass into battery-grade materials like lithium carbonate. You know this project has been a major financial drain; construction was paused in October 2023 due to cost overruns. The estimated cost to complete this facility has ballooned to nearly $1 billion, significantly higher than earlier projections. To be fair, Li-Cycle Holdings Corp. did secure a $475 million loan facility from the U.S. Department of Energy intended to finance this restart. A concrete, albeit late-stage, activity occurred in November 2025: filings showed that over $44 million in past-due construction bills were paid, leading to the release of a dozen contractor liens on the stalled site as part of the post-bankruptcy asset transfer process.

Finally, Research and development is focused on optimizing the Spoke & Hub process to make the Spoke business financially accretive and self-sufficient. Management emphasized advancing these optimization initiatives throughout 2024. While specific internal yield improvement percentages for Li-Cycle Holdings Corp. aren't public, the industry context suggests that innovations in hydrometallurgical processes are pushing material recovery rates above 90%, which is the clear target for any successful Hub operation.

• Focus of Spoke Optimization: Establish a financially accretive and self-sufficient Spoke business.
• Hub Processing Goal: Produce critical battery-grade materials, including lithium carbonate, nickel sulphate, and cobalt sulphate.
• Key Technology: Proprietary Spoke & Hub Technologies™.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets that underpin Li-Cycle Holdings Corp.'s entire operation as of late 2025. Honestly, the resource base is a mix of proprietary tech and critical, but currently strained, capital and physical assets. Here's the breakdown of what they actually own and control.

Patented Spoke & Hub Technology: Proprietary, safe, and battery-agnostic recycling process.

The foundation of Li-Cycle Holdings Corp. is its two-step process, which is patented. This technology is designed to handle lithium-ion batteries of all chemistries and form factors, which is a major differentiator. The Generation 3 Spokes can process full electric vehicle battery packs without the need for manual dismantling or discharging, which is a key safety and efficiency feature.

• The two-step process enables up to a 95% recovery rate of critical battery materials.
• The Spoke technology is noted as one of the most energy efficient solutions commercially available.
• The technology roadmap required substantially more capital than initially projected, leading to financial strain.

Glencore's Financial Backing: Critical capital to restart the Rochester Hub and ensure going concern.

Glencore is now a central figure, especially following the May 2025 bankruptcy filing. Their support is what's keeping essential functions running while the company evaluates strategic alternatives. This backing is the immediate lifeline for the going concern status of the operational Spokes.

• Glencore is providing $10.5 million in Debtor-in-Possession (DIP) financing to allow essential functions to continue post-filing.
• Prior to the bankruptcy, there was a reported interest from Glencore for a potential transaction, including a previously discussed investment of $200 million and established supply/offtake agreements.
• The U.S. Department of Energy (DOE) loan facility of up to $475 million was finalized in November 2024, but its first advance was conditional on clearing significant hurdles by November 7, 2025.
• The estimated cost to complete the paused Rochester Hub project was $486.7 million in additional financing needed on top of the DOE loan.

Black Mass Production Facilities (Spokes): Operational sites in places like Germany, Arizona, and Ontario.

The operational Spokes are the current revenue generators, converting scrap and end-of-life batteries into black mass. You should note that production slowed in 2024 as the company focused on cash preservation and optimization initiatives. The modular design of these Spokes is intended to allow for rapid deployment and scaling.

Here's a look at the reported capacities and the most recent production figures we have:

For the year ended December 31, 2024, Li-Cycle Holdings Corp. produced 5,385 tonnes of Black Mass & Equivalents (BM&E). This was a decrease from the 6,825 tonnes produced in the corresponding period of 2023, primarily due to the slowdown of operations at North America Spokes, partially offset by the Germany Spoke ramp-up which began in August 2023.

Off-take Agreements: Long-term contracts for selling recovered materials like mixed hydroxide precipitate (MHP).

Securing buyers for the output of the Hub-specifically MHP and nickel sulphate-was a major strategic focus to validate the downstream economics. The Glencore MHP agreement is particularly important given Glencore's current role in financing the company.

• Li-Cycle secured a 100 percent offtake agreement with Glencore for the Mixed Hydroxide Precipitate (MHP) expected from the Rochester Hub.
• The Rochester Hub was projected to produce up to 72,000 tonnes of MHP annually.
• A multi-year agreement with LG Chem and LG Energy Solution covers the supply of 20,000 tonnes of nickel contained in nickel sulphate over a ten-year period, beginning in 2023, from the Rochester Hub.

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:

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:

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:

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:

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:

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:

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:

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.