The Toronto-based firm and the Swiss miner signed a letter of intent to study the feasibility of an Italian hub, which they hope will become Europe’s largest source of recycled nickel, cobalt and battery-grade lithium. (The Logic)

Talking point: Amid a potential global shortage of the metals used to make lithium-ion batteries, Glencore said it wants to create a “first-mover advantage” with Li-Cycle’s recycling technology, in an aim to be the top recycler for the European EV industry. The hub will deepen ties between Li-Cycle and Glencore, which last year invested US$200 million in Li-Cycle via convertible debt, with options to take up to a 10 per cent equity stake. The pair’s plans in Italy include “competitive long-term financing from Glencore to fund Li-Cycle’s share of the capital investment,” as Li-Cycle charts a global expansion.