Glencore Turns Spent Batteries into New Gold

Glencore’s Li-Cycle deal reshapes North American battery recycling and advances a circular EV economy

28 Oct 2025

Glencore has expanded its foothold in North America’s electric vehicle supply chain with the acquisition of key Li-Cycle assets, gaining control of a network of lithium-ion battery recycling facilities in the United States and Canada. The transaction, completed in August 2025 through a credit-bid process valued at more than $40mn, includes Li-Cycle’s main processing hub in Rochester, New York.

The move positions the Swiss-based commodities group at the centre of the region’s growing effort to recycle critical minerals such as lithium, nickel and cobalt, materials essential for the energy transition. The United States has made domestic sourcing a policy priority under the Inflation Reduction Act, as competition intensifies to secure supplies for the electric vehicle industry.

For Glencore, the acquisition accelerates its entry into advanced recycling without the need to build new facilities. It inherits Li-Cycle’s “spoke and hub” model, which breaks down used batteries into black mass before refining them into high-value metals. “This acquisition instantly positions Glencore as a leader in the North American battery recycling supply chain,” said Laura Kim, energy analyst at Benchmark Minerals Intelligence. “It’s a strategic leap that unites mining depth with advanced recycling expertise.”

The purchase aligns with a broader trend of consolidation and vertical integration in the global battery materials sector. Competitors including Redwood Materials and Cirba Solutions have expanded their recycling capacity, but Glencore’s combination of global refining infrastructure and regional collection assets offers a scale few can match.

Challenges remain. Li-Cycle’s Rochester hub has faced delays, and analysts caution that restarting operations will test Glencore’s technical and regulatory expertise. If successful, the project could restore a significant share of North America’s refining capacity and set a new benchmark for closed-loop battery recovery.

As electric vehicle production accelerates, Glencore’s latest move underscores the strategic importance of recycling in securing critical minerals and signals that discarded batteries are becoming a vital resource in the continent’s clean energy economy.