Supporting Canadian Environmental Innovation - Bioindustrial Innovation Canada invests in lithium ba
SARNIA, Ontario - Bioindustrial Innovation Canada (BIC) is pleased to announce an investment in Li-Cycle Corp. (Li-Cycle), an Ontario-based firm that has developed an innovative process to address the emerging international demand for better systems to recycle lithium-ion batteries.
The need is driven by the burgeoning growth of electric vehicles and stationary energy storage, coupled with limited sources for critical battery-grade materials and ineffective legacy recycling systems. Li-Cycle has drawn worldwide interest in its proprietary process, which is economical, clean, effective and safe. Li-Cycle has concluded its most recent investment round with several international investors, among which BIC is a cornerstone participant.
“Bioindustrial Innovation Canada is very pleased to have closed this investment with Li-Cycle,” says Sandy Marshall, Executive Director of BIC. “Their innovative technologies bring a new era of recycling lithium-ion batteries. We look forward to working with Li-Cycle to execute their business plan and support the development of their ongoing and future activities.”
To qualify for BIC investment, Li-Cycle completed in 2017 a rigorous process under the Centre for Commercialization of Sustainable Chemistry Innovation (COMM SCI) initiative program. Enterprises being considered for COMM SCI must answer questions such as:
Does this meet the BIC vision of being clean, green and sustainable?
Is this a new or game changing technology?
Is there a clear benefit to Canada?
Is this a superior management team?
Is there a clear need for BIC investment and strategic assistance?
“BIC is a leading sustainable technology investor. We are grateful for its vote of confidence and Li-Cycle is fortunate to benefit from BIC’s active support and engagement,” commented Ajay Kochhar, President & CEO of Li-Cycle. “Successfully concluding our most recent investment round represents a significant milestone for Li-Cycle. We look forward to this exciting phase of Li-Cycle’s development.”