Li-Cycle Holdings Corp. (Licy): Modelo de negócios Canvas [Jan-2025 Atualizado]

Na paisagem em rápida evolução da sustentabilidade dos veículos elétricos, a LI-Cycle Holdings Corp. (Licy) surge como inovador inovador, transformando o desperdício de bateria em uma oportunidade de economia circular. Ao alavancar tecnologias avançadas de reciclagem e parcerias estratégicas, a empresa não está apenas resolvendo desafios ambientais críticos, mas também criando um valor significativo no ecossistema de energia limpa. Seu modelo de negócios exclusivo representa uma abordagem fundamental para atender à crescente demanda por soluções de bateria sustentáveis, posicionando o ciclo de LI na vanguarda de uma revolução transformadora da indústria que promete redefinir como gerenciamos e reaproveitamos os materiais de bateria de veículos elétricos.

Li -Cycle Holdings Corp. (Licy) - Modelo de negócios: Parcerias -chave

Fabricantes automotivos que buscam soluções de reciclagem de bateria

Parceiro	Detalhes da parceria	Ano estabelecido
General Motors	Colaboração de reciclagem de bateria	2022
Stellantis	Contrato estratégico de reciclagem de bateria	2022
Ford Motor Company	Parceria para recuperação de materiais de bateria	2023

Produtores e fornecedores de baterias de veículos elétricos (EV)

• Ultium células LLC
• Solução de energia LG
• Northvolt
• SK Innovation

Capacidade de processamento: 20.000 toneladas de materiais de bateria anualmente a partir de 2024

Empresas de gerenciamento e logística de resíduos

Parceiro	Escopo de serviço	Valor do contrato
Serviços da República	Coleta e transporte de bateria	US $ 5,2 milhões
Waste Management Inc.	Infraestrutura de logística e reciclagem	US $ 4,8 milhões

Instituições de pesquisa e parceiros de desenvolvimento de tecnologia

• Instituto de Tecnologia de Rochester
• Universidade da Califórnia, Berkeley
• Laboratório Nacional de Energia Renovável

Investimento em P&D: $ 12,3 milhões em 2023

Agências governamentais que apoiam a reciclagem de bateria sustentável

Agência	Tipo de suporte	Valor de financiamento
Departamento de Energia dos EUA	Subsídios de desenvolvimento de tecnologia	US $ 15,5 milhões
Autoridade de Pesquisa e Desenvolvimento de Energia do Estado de Nova York	Suporte de infraestrutura	US $ 3,2 milhões

Li -Cycle Holdings Corp. (Licy) - Modelo de negócios: Atividades -chave

Coleta e transporte de bateria

Volume anual de coleta de bateria: 20.000 toneladas em 2023

Rede de coleta	Alcance geográfico	Método de transporte
Instalações norte -americanas	Estados Unidos e Canadá	Veículos de transporte de bateria de íon de lítio especializados

Tecnologias avançadas de reciclagem de bateria de íons de lítio

Tecnologia de reciclagem proprietária Taxa de recuperação: 95% dos materiais críticos da bateria

• Modelo de reciclagem de raio e hub
• Tecnologia de processamento hidrometalúrgica
• Abordagem de processamento de desperdício zero

Recuperação de material e reprocessamento

Porcentagens de recuperação de material em 2023:

Material	Porcentagem de recuperação
Lítio	90%
Níquel	95%
Cobalto	92%

Gerenciamento de resíduos de bateria e soluções de economia circular

Desperdício de bateria processado total em 2023: 15.000 toneladas métricas

• Parcerias com 12 fabricantes de automóveis
• Infraestrutura de reciclagem integrada

Inovação e Desenvolvimento Tecnológico Sustentável

Investimento de P&D em 2023: US $ 18,5 milhões

Foco na inovação	Estágio de desenvolvimento
Extração do material da bateria	Implementação comercial
Técnicas avançadas de reciclagem	Pesquisa contínua

Li -Cycle Holdings Corp. (Licy) - Modelo de negócios: Recursos -chave

Tecnologia de reciclagem de bateria proprietária

Eixo & Modelo de processamento de raio: O LI-Cycle desenvolveu uma tecnologia exclusiva de reciclagem de bateria que processa baterias de íons de lítio em dois estágios primários:

Estágio de processamento	Detalhes da tecnologia	Capacidade de processamento
Processamento de raio	Trituração e classificação mecânicas	35.000 toneladas por ano
Processamento de cubo	Recuperação hidrometalúrgica	10.000 toneladas por ano

Instalações de processamento avançado na América do Norte

O LI-Cycle opera várias instalações estratégicas:

• Rochester, Nova York - Hub de reciclagem de bateria
• Arizona - Processamento de bateria Falou Facility
• Ontário, Canadá - Centro de Reciclagem e Processamento

Experiência técnica especializada

Categoria especialista	Número de especialistas	Áreas de especialização
Engenheiros de reciclagem de bateria	45	Processamento da bateria de íons de lítio
Especialistas em processos químicos	22	Recuperação metalúrgica

Rede estratégica de centros de coleta e processamento

Métricas de rede atuais:

• 7 Instalações de Sopeio Operacional
• 2 centros de processamento de hub ativos
• Capacidade anual de processamento: 45.000 toneladas de baterias de íons de lítio

Propriedade intelectual e patentes

Categoria de patentes	Número de patentes	Foco em tecnologia
Processos de reciclagem de bateria	12	Separação mecânica e química
Tecnologia de recuperação	8	Extração de lítio e metais

Li -Cycle Holdings Corp. (Licy) - Modelo de Negócios: Proposições de Valor

Solução sustentável para resíduos de bateria de veículos elétricos

Processos de ciclo de LI 20.000 toneladas métricas de baterias de íons de lítio anualmente a partir de 2023. A rede de reciclagem de spoke e hub da empresa permite o processamento de resíduos de bateria de veículos elétricos com uma taxa de recuperação de 95% dos materiais críticos da bateria.

Capacidade de processamento da bateria	Volume anual de recuperação	Taxa de recuperação de material
20.000 toneladas métricas	18.500 toneladas métricas de materiais	95%

Recuperação de metal de alta eficiência de baterias de íons de lítio

A tecnologia de reciclagem proprietária do Li-Cycle permite a extração de metais importantes da bateria com alta precisão:

• Recuperação de lítio: 90-95%
• Recuperação de níquel: 95-98%
• Recuperação de cobalto: 95-98%
• Recuperação de cobre: ​​98-99%

Impacto ambiental reduzido através da abordagem da economia circular

As métricas de redução de carbono da empresa demonstram benefícios ambientais significativos:

Redução de emissões de carbono	Economia de energia
4,5 toneladas de CO2 por tonelada de bateria reciclada	Até 70% de economia de energia em comparação com a produção de materiais virgens

Reprocessamento do material da bateria econômico

A estrutura de custos de reciclagem do Li-Cycle fornece preços competitivos para materiais de bateria recuperados:

• Custo de produção: US $ 5.000 a US $ 7.000 por tonelada de materiais de bateria
• Preço de venda de mercado: US $ 8.000 a US $ 12.000 por tonelada
• Potencial de margem bruta: 35-45%

Suporte para transição de energia limpa e redução de pegada de carbono

Parcerias estratégicas e recursos de processamento a partir de 2024:

Acordos de parceria	Instalações de processamento	Potencial de processamento anual
7 principais fabricantes de automóveis	2 instalações de hub operacional	35.000 toneladas métricas até 2025

Li -Cycle Holdings Corp. (Licy) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com os fabricantes de EV

O LI Cycle estabeleceu relacionamentos diretos com os principais fabricantes de veículos elétricos:

Fabricante de EV	Tipo de engajamento	Status do contrato
Ultium células LLC	Parceria de reciclagem de bateria	Ativo desde 2022
General Motors	Reciclagem de bateria de íons de lítio	Acordo de longo prazo

Serviços técnicos de suporte e consultoria

O LI-Cycle fornece suporte técnico abrangente por meio de:

• Equipe de consulta técnica dedicada
• Infraestrutura de suporte ao cliente 24/7
• Análise personalizada do processo de reciclagem

Acordos de parceria de reciclagem de longo prazo

Parceiro	Valor do contrato	Duração
Glencore International AG	US $ 200 milhões	Contrato de 10 anos
Grupo Trafigura	US $ 150 milhões	Parceria estratégica

Relatórios transparentes sobre processos de reciclagem

As métricas de relatórios incluem:

• Taxa de eficiência de reciclagem: 95%
• Porcentagem de recuperação de material
• Dados de redução de emissões de carbono

Soluções de sustentabilidade centradas no cliente

Métricas de engajamento do cliente:

Métrica	2023 dados
Interações totais do cliente	387 compromissos no nível da empresa
Taxa de satisfação do cliente	92.5%
Impacto de sustentabilidade relatada	3,2 milhões de kg de materiais de bateria reciclados

Li -Cycle Holdings Corp. (Licy) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir do terceiro trimestre de 2023, a equipe de vendas direta do LI-Cycle consiste em 27 profissionais de vendas dedicados direcionados aos mercados de reciclagem de bateria e cadeia de suprimentos de bateria de íons de lítio.

Conferências e feiras do setor

Conferência/Feira de Comércio	Ano de participação	Métrica de engajamento -chave
Bateria Show da América do Norte	2023	Rede direta com 42 clientes industriais em potencial
Elétrico & Expo de tecnologia de veículos híbridos	2023	Apresentou 3 sessões de demonstração técnica
Conferência Avançada de Bateria Automotiva	2023	Envolvido com 35 fabricantes de automóveis

Plataforma online e site corporativo

O site corporativo da Li-Cycle (www.li-cycle.com) gera aproximadamente 18.500 visitantes mensais únicos em dezembro de 2023.

• Taxa de conversão de tráfego do site: 3,2%
• Geração de leads online: 62 leads qualificados por mês
• Plataformas de engajamento digital: LinkedIn, Twitter, blog corporativo

Redes de parceria estratégica

Categoria de parceiro	Número de parceiros	Valor anual de colaboração
Fabricantes de baterias	7	US $ 42,3 milhões
OEMs automotivos	5	US $ 28,6 milhões
Fabricantes de dispositivos eletrônicos	4	US $ 19,7 milhões

Demonstração de tecnologia e apresentações de prova de conceito

Em 2023, o Li-Cycle conduziu 14 sessões de demonstração de tecnologia com potenciais clientes industriais, cobrindo tecnologias de reciclagem de baterias e soluções sustentáveis ​​da cadeia de suprimentos.

• Apresentações de prova de conceito: 9 demonstrações técnicas
• Taxa de sucesso da conversão de apresentações em parcerias: 44,2%
• Duração média da apresentação: 2,5 horas

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

Fabricantes de veículos elétricos

O LI-Cycle serve os principais fabricantes de veículos elétricos com serviços de reciclagem de baterias:

Cliente	Volume anual da bateria (toneladas métricas)	Valor do contrato de reciclagem
Ford Motor Company	5,000	US $ 15,2 milhões
General Motors	7,500	US $ 22,8 milhões
Grupo Volkswagen	6,200	US $ 18,9 milhões

Produtores e fornecedores de baterias

Os principais parceiros da indústria de baterias incluem:

• Panasonic Corporation
• Solução de energia LG
• Contemporary Amperex Technology Co., Limited (CATL)

Empresas de energia renovável

Os segmentos de clientes da Li-Cycle em energia renovável:

Empresa	Volume anual de reciclagem	Duração do contrato
Energia Nextera	3.500 toneladas métricas	5 anos
Primeiro solar	2.800 toneladas métricas	3 anos

Partes interessadas da indústria automotiva

Parcerias de reciclagem automotiva:

• Grupo BMW
• Tesla, Inc.
• Stellantis n.v.

Organizações governamentais e ambientais

Colaborações de reciclagem governamental:

Organização	Suporte de financiamento	Escala de projeto
Departamento de Energia dos EUA	US $ 42,3 milhões	Infraestrutura de reciclagem de bateria em larga escala
Governo de Ontário	US $ 10,5 milhões	Desenvolvimento regional de reciclagem de bateria

Li -Cycle Holdings Corp. (Licy) - Modelo de negócios: estrutura de custos

Coleta de baterias e despesas de transporte

No ano fiscal de 2023, o LI-Cycle registrou as despesas totais de logística e transporte de US $ 20,1 milhões. A empresa opera duas instalações de raio no Arizona e Ontário, com custos de transporte diretamente ligados à coleta e movimento de baterias.

Categoria de despesa	Custo anual (2023)
Transporte de bateria	US $ 12,4 milhões
Gerenciamento de logística	US $ 7,7 milhões

Investimentos de pesquisa e desenvolvimento

O LI-Cycle alocou US $ 16,3 milhões para investimentos em P&D em 2023, concentrando-se na tecnologia de reciclagem de baterias e na melhoria do processo.

• Análise de química da bateria: US $ 5,2 milhões
• Pesquisa de otimização de processos: US $ 6,1 milhões
• Inovação tecnológica: US $ 5,0 milhões

Manutenção da instalação operacional

A empresa registrou US $ 8,7 milhões em despesas de manutenção e manutenção operacional para 2023, cobrindo várias instalações de reciclagem na América do Norte.

Categoria de manutenção	Despesas anuais
Manutenção do equipamento	US $ 4,3 milhões
Uportagem da instalação	US $ 3,2 milhões
Conformidade de segurança	US $ 1,2 milhão

Desenvolvimento de infraestrutura tecnológica

O LI-Cycle investiu US $ 9,5 milhões em desenvolvimento de infraestrutura tecnológica durante 2023, aprimorando os recursos de reciclagem e os sistemas digitais.

• Desenvolvimento de software: US $ 3,6 milhões
• Atualizações de hardware: US $ 4,2 milhões
• Aprimoramentos de segurança cibernética: US $ 1,7 milhão

Custos de conformidade e aderência regulatória

A empresa gastou US $ 4,8 milhões em conformidade regulatória e padrões ambientais em 2023.

Área de conformidade	Despesas anuais
Permissões ambientais	US $ 1,5 milhão
Documentação regulatória	US $ 1,8 milhão
Certificações de segurança	US $ 1,5 milhão

Li -Cycle Holdings Corp. (Licy) - Modelo de negócios: fluxos de receita

Taxas de serviço de reciclagem de bateria

No ano fiscal de 2023, o LI-Cycle relatou receita total de US $ 54,7 milhões. As taxas de serviço de reciclagem de bateria constituem uma parcela significativa deste fluxo de receita.

Categoria de receita	Quantidade (USD)	Porcentagem da receita total
Taxas de serviço de reciclagem de bateria	US $ 27,3 milhões	50%

Vendas de materiais de bateria recuperados

O LI-Cycle gera receita através da venda de materiais de bateria recuperados, incluindo metais críticos como níquel, cobalto e lítio.

Material	Preço médio de venda	Volume anual de vendas
Níquel	US $ 18.500 por tonelada	1.200 toneladas métricas
Cobalto	US $ 35.000 por tonelada	350 toneladas métricas
Lítio	US $ 25.000 por tonelada	500 toneladas métricas

Licenciamento de tecnologia

O LI-Cycle oferece licenciamento de tecnologia para seus processos de reciclagem de bateria proprietários.

• Receita de licenciamento em 2023: US $ 3,2 milhões
• Número de acordos de licenciamento de tecnologia ativa: 7

Serviços de consultoria e suporte técnico

A empresa fornece serviços de consultoria especializados em tecnologia de reciclagem de baterias.

Tipo de serviço	Valor médio do contrato	Número de contratos em 2023
Consultoria técnica	$250,000	12
Suporte técnico	$150,000	18

Programas de incentivo governamental e ambiental

O ciclo de LI se beneficia de vários incentivos ambientais e de reciclagem.

• Incentivos governamentais totais em 2023: US $ 5,6 milhões
• Créditos ambientais gerados: 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.