Toronto, Ontario — On August 8, 2025, Swiss mining and commodities firm Glencore announced it is acquiring the Toronto-based lithium-ion battery recycler Li-Cycle.
The purchase gives Glencore control over Li-Cycle’s four North American spoke facilities in the United States and Ontario, its hub project in Rochester, New York, the company’s intellectual property, and its spoke plant in Magdeburg, Germany, one of the largest battery recycling operations in Europe.
Li-Cycle’s assets will now operate under Glencore’s new Glencore Battery Recycling division, which will oversee all customer support and services going forward.
The deal closes a turbulent chapter for Li-Cycle, which, in May, sought bankruptcy protection in both Canada and the United States amid severe financial pressures.
The company obtained protection under Canada’s Companies’ Creditors Arrangement Act and filed under Chapter 15 of the U.S. Bankruptcy Code.
At the same time, co-founder and chief executive officer Ajay Kochhar stepped down, with restructuring specialist William Aziz taking over as chief restructuring officer.
Li-Cycle’s financial troubles were tied in large part to the stalled construction of its US $700 million Rochester hub, a project projected to create 250 jobs but halted in 2023 due to escalating costs.
Although the company had secured a US $475 million loan commitment from the U.S. government to finish the facility, it was unable to access the funds because of operational and financial setbacks.
As part of the creditor protection process, Glencore emerged as the front-runner to acquire the business.
It provided US $10.5 million in interim financing and submitted a stalking-horse bid of at least US $40 million to secure Li-Cycle’s subsidiaries and assets.
