SEATTLE (Recycling Monster): Glencore Canada Corporation, subsidiary of European commodities trading and mining company Glencore, announced that it has successfully completed the acquisition of certain subsidiaries and assets of Toronto-based Li-Cycle Holdings Corp. - the now bankrupt lithium-ion battery recycler.

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The pause on funding programs for clean energy projects by the Trump administration prevented Li-Cycle from accessing the DOE loan, which dragged the company into financial difficulties. Pursuant to initiation of bankruptcy process by Li-Cycle, Glencore had submitted a $40 million bid for its battery recycling assets by mid-May this year. Earlier in 2022, the two companies had reached a financial agreement for $200 million, followed by a $75 million agreement in 2024.

The acquisition deal covers Li-Cycle’s Arizona, Alabama, New York, Ontario and Germany Spokes, Rochester Hub project, and its entire intellectual property portfolio. The acquired facilities have an estimated total processing capacity of 61,000 metric tons of battery material per year. However, only the German facility is in operation currently, according to court filings.

Glencore did not respond to questions about its future plans for the Li-Cycle facilities.