VinES, a developer of batteries and cell packs and a member company of Vingroup, the largest private corporation in Vietnam, and Li-Cycle announce a global strategic alliance.
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 creating 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, closed-loop battery supply chain.”
In March 2022, VinFast decided to construct a sizable EV production facility in North Carolina in addition to a sizable manufacturing complex in Vietnam. The State of North Carolina awarded VinFast a $1.2 billion incentive package, and the company plans to invest another $2 billion to construct the project’s initial phase, which will be able to produce 150,000 vehicles annually. VinES anticipates growing its capacity for battery production in Vietnam and is looking into expanding into foreign markets.
Li-Cycle anticipates having a combined processing capacity of 65,000 metric tonnes per year for lithium-ion battery material in North America and Europe based on its current project pipeline.
Li-Cycle is also building its first commercial hub plant in Rochester, New York, which is planned to manufacture battery materials for around 225,000 EVs and is anticipated to start operating in the calendar year 2023. The Rochester Hub is anticipated to be both the first source of recycled battery-grade lithium carbonate manufacturing in North America and the first operational hydrometallurgical battery resource recovery facility.
About VinES
VinES Energy Solutions specializes in the R&D and 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.
About VinFast
VinFast – a member of Vingroup – envisioned driving the movement of the 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.
About Li-Cycle
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.
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