Toronto, Canada - Hanoi, Vietnam, November 3, 2022 – VinES Energy Solutions (“VinES”), a Vingroup company that specializes in the research, development and manufacturing of advanced batteries for mobility and energy storage applications, and Li-Cycle Holdings Corp., an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America, are pleased to announce the launch of a global recycling partnership.
Under the new partnership, the companies are exploring global recycling solutions for VinES and VinFast, a global electric vehicle manufacturer that is also part of Vingroup. The new partnership is expected to support VinES and VinFast in their creation of a closed-loop battery supply chain to enhance their environmental goals and contribute to the global electrified revolution with green mobility solutions. It will also establish mutually beneficial global connections with all parties and strengthen Li-Cycle’s broad and diverse relationships with leading battery and electric vehicle (EV) manufacturers.
“We are thrilled to partner with Li-Cycle for recycling solutions for VinES and VinFast. We always aim to bring sustainable solutions and minimize the impacts of our business and operations on the environment for a greener future. The partnership with Li-Cycle is one important part of our ESG strategy to achieve sustainable and closed-loop battery production,” said Ms. Pham Thuy Linh, CEO of VinES.
“We are excited to partner with VinES, a company that is focused on advanced battery and energy solutions,” said Ajay Kochhar, co-founder and CEO of Li-Cycle. “We believe this partnership will be a significant step in our goal to be the leading and preferred global lithium-ion battery recycling partner and a launching pad to foster and deepen our commercial relationships with VinES and VinFast. We all share a vision to advance a sustainable, efficient and closed-loop battery supply chain.”
In addition to a significant manufacturing complex in Vietnam, VinFast has announced plans to build a large EV manufacturing facility in North Carolina in March 2022. VinFast was granted an incentive package of $1.2 billion from the State of North Carolina and expects to invest $2 billion to build the project’s first phase, which is designed to have capacity of producing 150,000 vehicles per year. VinES expects to continue to expand its current battery manufacturing capabilities in Vietnam and is exploring expansion into international markets.
Li-Cycle’s Spoke & Hub network growth strategy continues to be underpinned and supported by accelerating commercial demand. The Company currently has four operational Spoke recycling facilities in North America with a total processing capacity of 30,000 tonnes per year, or the equivalent of batteries from approximately 60,000 EVs. Based on Li-Cycle’s current project pipeline, the Company expects to have a total of 65,000 tonnes per year of lithium-ion battery material processing capacity in North America and Europe as Li-Cycle continues to scale its Spoke & Hub network to support the recycling needs of a growing customer base.
Li-Cycle is also developing its first commercial Hub facility in Rochester, NY, which is expected to commence commissioning in calendar 2023 and designed to process battery materials equivalent to approximately 225,000 EVs. The Rochester Hub is expected to be the first commercial hydrometallurgical battery resource recovery facility and the first source of recycled battery-grade lithium carbonate production in North America.
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About VinES
VinES Energy Solutions specializes in the R&D and the manufacturing of advanced batteries for mobility and energy storage applications. VinES cooperates with many world-leading battery cell manufacturers and is investing in modern battery manufacturing plants in Vietnam. For more information, visit https://vines.net.vn/.
About VinFast
VinFast – a member of Vingroup – envisioned to drive the movement of global smart electric vehicle revolution. Established in 2017, VinFast owns a state-of-the-art automotive manufacturing complex with globally leading scalability that boasts up to 90% automation in Hai Phong, Vietnam.
Strongly committed to the mission for a sustainable future for everyone, VinFast constantly innovates to bring high-quality products, advanced smart services, seamless customer experiences, and pricing strategy for all to inspire global customers to jointly create a future of smart mobility and a sustainable planet. Learn more at: https://vinfastauto.com.
About Li-Cycle Holdings Corp.
Li-Cycle (NYSE: LICY) is on a mission to leverage its innovative Spoke & Hub Technologies™ to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of critical battery materials. Lithium-ion rechargeable batteries are increasingly powering our world in automotive, energy storage, consumer electronics, and other industrial and household applications. The world needs improved technology and supply chain innovations to better manage battery manufacturing waste and end-of-life batteries and to meet the rapidly growing demand for critical and scarce battery-grade raw materials through a closed-loop solution. For more information, visit https://li-cycle.com/.
