Bioindustrial Innovation Canada (BIC) provides critical strategic investment, advice and services to business developers of clean, green and sustainable technologies. One of these investments is Li-Cycle Corp.
Ajay Kochhar, Chief Executive Officer of Li-Cycle Corp., discusses how BIC has significantly supported his company.
Li-Cycle Corp. is on a mission to leverage its innovative solution to address an emerging and urgent global challenge. Lithium-ion rechargeable batteries are increasingly powering our world in automotive, industrial/utility/residential energy storage, and consumer electronic applications. The world needs improved technology and supply chain innovations to better recycle these batteries, and to meet the rapidly growing demand for critical and scarce battery-grade materials.
The relationship between Li-Cycle Corp. and BIC commenced in September 2017 with a Centre for Commercialization of Sustainable Chemistry Innovation (COMM SCI) project focused on an independent review of Li-Cycle TechnologyÔ. Thereafter, BIC made an investment as part of Li-Cycle Corp.’s Series A investment round in March 2018. Li-Cycle Corp. is completing a second COMM SCI project focused on the assessment of shortlisted sites for its commercial hydrometallurgical plant.
Enabled by BIC’s support and a Sustainable Chemistry Alliance Fund investment as part of Li-Cycle Corp.’s Series A round, Li-Cycle Corp. has completed the design, construction and ramp-up of Stage 1 of its Pilot Plant, focused on a safe size reduction technology for lithium-ion batteries. The Pilot Plant is located at the world-class facility of Li-Cycle’s Corp.’s scale-up partner in Kingston, Ontario, Canada.
Li-Cycle Corp. continues to attract worldwide interest and recognition.
In March 2018, Li-Cycle Corp. was named Runner Up for the Excellence in the Field of Environmental Technology Development award at the CleanEquity Monaco 2018 Conference, one of the world’s leading cleantech conferences. Ajay Kochhar was also named Young Professional of the Year by the Mississauga Board of Trade at its 2018 Business Awards of Excellence dinner in November 2018.
Li-Cycle Corp. would like to express its sincere gratitude for BIC’s critical strategic investment, as well as its ongoing advice and services. BIC’s support and engagement have undoubtedly accelerated Li-Cycle Corp.’s development of its closed-loop, clean, low-cost and inherently safe lithium-ion battery recycling technology.
About Bioindustrial Innovation Canada
Creating jobs and economic sustainability for Canada is the vision driven by Bioindustrial Innovation Canada (BIC).
With support from the Government of Canada and the Province of Ontario, BIC, a not-for-profit business accelerator for sustainable chemistry, has created a successful foundation to support an emerging hybrid chemistry cluster in Sarnia-Lambton, Ontario. BIC recognizes that the expansion and development of the bioeconomy in Sarnia-Lambton can grow alongside the petrochemical industry.
BIC further focuses on critical strategic capital investment in SMEs with compelling business plans where innovation in science and engineering can bring about major advances in sustainable chemistry. Sustainable chemistry is playing an important role in the development of solutions to the impacts of climate change, peak oil, energy security, the need for safe water, and the use of scarce natural resources. The increasing global demand for green and safer products offers the opportunity to create thousands of new jobs for Canadians.
BIC’s proven approach for clean, green and sustainable chemistry-based companies offers an ideal platform for the investment necessary to advance hybrid chemistry value chains, providing not only regional economic development and job benefits, but also access to global markets.
To date, BIC has invested more than $13 million in 27 SME companies, created more than 3600 high quality jobs, and further leveraged $270 million in private sector funding during its investment rounds.