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Li-Cycle has made significant strides towards achieving its strategic objective to be an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America, a $100 million investment by Koch Strategic Platforms, a $50 million investment by lithium-ion battery industry leaders, LG Chem and LG Energy Solution. Upon execution of a 10-year closed-loop commercial arrangement with Li-Cycle and a partnership with Arrival by utilizing Li-Cycle's breakthrough commercial lithium-ion battery recycling technologies, end-of-life batteries from Arrival's EV fleets in the U.S.A. and Europe can be transformed into battery-grade material. The company was recognized in Fast Company's, the Next Big Things in Tech and received a distinction award from the automotive sector for demonstrating environmental innovation in the manufacturing process.
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The winner for 2021 is Li-Cycle Corporation.
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The Phoenix, Arizona Spoke is nearing completion and will process up to 10,000 tons of manufacture and scrap and spent batteries annually as well as full electric vehicle battery pack shredding. Work is also on track for the Tuscaloosa, Alabama Spoke to be operational in 2022.
To meet the demand for battery-grade materials, Li-Cycle announced the upsizing of the input capacity of its North America hub in Rochester by 40%. The Rochester hub will process the equivalent of over 225,000 EVs worth of material or approximately 18 gigawatt hours equivalent of lithium-ion batteries.
Last and importantly, Li-Cycle mobilized to site for the Rochester hub, which is on track to ramp up starting in 2023. All of these achievements solidify Li-Cycle as the leading battery recycler in North America and sets the stage for the company's expansion globally.