Li-Cycle awarded multi-year contract to recycle manufacturing scrap generated from Ultium Cells’ Lordstown, Ohio battery plant

Li-Cycle Corp. ("Li-Cycle" or "the Company"), an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America, today announced an agreement with Ultium Cells LLC ("Ultium"), a joint venture of General Motors ("GM") and LG Energy Solution ("LGES"), to recycle up to 100% of the scrap generated by battery cell manufacturing at Ultium's Lordstown, Ohio battery cell plant. Li-Cycle will recover the raw materials contained in the scrap, transforming them into valuable products and helping contribute to the circular economy.

As North America's electric vehicle (EV) production ramps up, Li-Cycle believes this recycling partnership will be an essential piece in closing the battery supply chain loop and enabling sustainable production of new EV batteries. When fully operational in 2022, the $2.3 billion Ultium Cells LLC plant in Lordstown will span three million-square-feet, with annual capacity of approximately 35 gigawatt hours. Li-Cycle will enable Ultium Cells LLC to expand the materials it currently recycles and will play a key role in recycling efforts similar to joint venture partner GM's zero-waste initiative by rerouting battery manufacturing scrap back into the supply chain through this multi-year contract.

"We strive to make more with less waste and energy expended," said Thomas Gallagher, chief operating officer, Ultium Cells LLC. "This is a crucial step in improving the sustainability of our components and manufacturing processes."

"Our efforts with Ultium Cells LLC will be instrumental in redirecting battery manufacturing scrap from landfills and returning a substantial amount of valuable battery grade materials back into the battery supply chain," said Ajay Kochhar, Li-Cycle's president, CEO, and co-founder. "This partnership is a critical step forward in advancing our proven lithium-ion resource recovery technology as a more sustainable alternative to mining."

Using Li-Cycle's patented Spoke & Hub Technologies at facilities in the United States, Li-Cycle will transform Ultium's battery manufacturing scrap into new battery-grade materials, including lithium carbonate, cobalt sulphate, and nickel sulphate, as well as other recycled materials that can be returned to the economy.

"GM's zero-waste initiative aims to divert more than 90 percent of its manufacturing waste from landfills and incineration globally by 2025," said Ken Morris, GM vice president of Electric and Autonomous Vehicles. "Now, we're going to work closely with Ultium Cells and Li-Cycle to help the industry get even better use out of the materials."

On February 16, 2021, Li-Cycle announced its entry into a definitive business combination agreement with Peridot Acquisition Corp. (NYSE: PDAC) ("Peridot"). Upon the closing of the business combination, which is expected in the second quarter of 2021, the combined company will be named Li-Cycle Holdings Corp. ("Newco"). Li-Cycle intends to apply to list the common shares of the combined company on the New York Stock Exchange under the new ticker symbol, "LICY."

About Li-Cycle

Li-Cycle 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/.

About Ultium Cells

Ultium Cells LLC, a joint venture between General Motors and LG Energy Solution, will mass-produce Ultium battery cells at its Lordstown, Ohio facility to advance the push for a zero-emission, all-electric future. GM and LG Energy Solution are investing $2.3 billion in the facility to support EV manufacturing in the United States, and in turn, local jobs, education, career training and infrastructure. The plant will equal the size of 30 football fields and will have annual capacity of over 30 gigawatt hours with room to expand. Job seekers interested in challenging and rewarding careers in battery cell manufacturing can apply for open positions on the Ultium Cells website.

About General Motors

General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which powers everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at https://www.gm.com.