VinES and Li-Cycle announce strategic, long-term agreement

Wednesday, Apr 12, 2023 18:55

A worker in a VinES battery manufacturing factory in Ha Tinh. — Photo coutersy of Vingroup

Vingroup’s VinES Energy Solutions (VinES) on April 12 in Toronto, Canada, signed a definitive agreement for a long-term recycling relationship with Li-Cycle Holdings Corp. (Li-Cycle), an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America.

Under the agreement, from 2024, Li-Cycle will become VinES’ strategic and preferred recycling partner for VinES’ Vietnamese-sourced battery materials.

Consistent with Li-Cycle’s strategy for growing recycling capacity in conjunction with customer demand, the agreement further contemplates constructing a dedicated Spoke close to VinES’ manufacturing site.

In addition, the potential Spoke has the opportunity to benefit from the growing local demand for lithium-ion battery recycling solutions, driven by strong economic growth and an increasing manufacturing presence in Viet Nam.

An investment decision regarding the dedicated Spoke facility is expected to be made in 2025. In the meantime, Li-Cycle will facilitate the processing of VinES’ material by utilising Li-Cycle’s North American Spoke network.

To build on a partnership first announced in October 2022, VinES and Li-Cycle will continue exploring global recycling solutions for VinFast, the first global electric vehicle (EV) manufacturer in Viet Nam and Southeast Asia. — VNS

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