Shares of lithium-ion battery recycler Li-Cycle Holdings Corp. (LICY) are rising more than 8% on Wednesday morning after the company said Koch Strategic Platforms (KSP), a unit of Koch Investments Group, has agreed to invest $100 million in the company through purchase of a convertible note.
As per the deal, KSP will purchase a convertible note in the aggregate principal amount of $100 million with an initial conversion price of approximately $13.43 per Li-Cycle common share.
In addition to the new capital, the company along with several Koch Industries subsidiaries are exploring opportunities to accelerate Li-Cycle's global growth strategies, Li-Cycle said.
"KSP's investment in Li-Cycle will further fund and accelerate the growth of our lithium-ion battery recycling footprint in North America and globally, as we scale our efficient and proven technology globally to grow in lockstep with our customers and pursue new market opportunities," said Ajay Kochhar, co-founder and Chief Executive Officer of Li-Cycle.
LICY is at $11.90 currently. It has traded in the range of $7.69- $15.74 in the past 52 weeks.
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