Koch’s Strategic Platforms division made the investment in the Ontario-based lithium-ion battery recycler via a convertible note. Li-Cycle said it’s also working with other Koch subsidiaries, including potentially Koch Engineered Solutions, which specializes in procurement and construction services. (The Logic)

Talking point: The deal is a nod from America’s largest private company—led by America’s second-richest family. Li-Cycle is one of several energy-storage or battery-cell companies recently backed by the sprawling Koch empire. David Park, president of Koch Strategic Platforms, said in a press release that he sees battery recycling as “critical for the electrification of transportation.” On a conference call announcing the investment, Li-Cycle CEO Ajay Kochhar said the projections for the batteries available for recycling by 2025 in North America, Europe and Asia have all increased by 50 per cent in the past several months. The Ontario firm said it’s accelerating its rollout amid the faster-than-expected deployment of “new battery mega-factories.” The note’s initial conversion price is US$13.43 per Li-Cycle common share, and matures in 2026.