under the Biden administration, while governments across the globe are strengthening regulations to cut emissions, and every automaker is rushing to offer electric models.
The recycler of lithium-ion batteries is merging with Peridot Acquisition Corp.
As the first generation of EVs nears retirement, the cars and their 1,000-pound battery packs are creating a mountain of electronic scrap.
Its spokes take in batteries and other electronic scraps, break them down, and then feed the smaller, lighter chunks of valuable material back to a central hub for final processing.
Meanwhile its hub, in late stage development also in Rochester, will produce battery grade and refined materials through a patented process that includes 12 trade secrets.
The company plans to build a third North American battery-recycling facility near Phoenix that will be capable of processing batteries and battery-manufacturing scrap equivalent sufficient to power about 20,000 electric vehicles per year.
Lithium-ion batteries have taken over the world since their first commercial use in 1991, powering everything from consumer devices to electrical grids.
All the energy stored in a growing number of batteries will require a significant increase in a few key metals, namely lithium, cobalt and nickel.
And it has partnerships with mining giants like Glencore, as well as an offtake agreement with Traxys for end products from the Rochester hub, which is scheduled to ramp up in late 2022 and early 2023.
And with Peridot trading just above $10 a share, it has an implied enterprise value of 10.2 times 2023 Ebitda.
Beyond cars, batteries will also increasingly be used for smaller vehicles like scooters, commercial vehicles and to store electricity on the power grid.
It’s also notable that Li-Cycle will be led by Co-Founder and CEO Ajay Kochhar and Co-Founder and Executive Chairman Tim Johnston.
Greg Abel, the likely successor to Warren Buffett at Berkshire Hathaway, directed the company’s move into renewable energy as the head of its large utility business.
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The shares of marijuana company Green Thumb Industries saw an early pop on Monday, on news that the company is buying into the Virginia market.
She’s repeatedly said that despite the broader rotation out of high-growth companies and into value stocks, her team maintains their conviction in innovative technologies and has a five-year time horizon.“Twitter fits well with Ark and Cathie Wood’s” investment style, said Ross Mayfield, investment strategy analyst at Robert W.
Dogecoin, a token started as a joke in 2013 but now a social-media favorite touted by the likes of Elon Musk, has surged 15,000% to a market value of around $50 billion.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
-Warren Buffett ended years of speculation about who would succeed him at Berkshire Hathaway Inc by saying Vice Chairman Greg Abel would take over as chief executive officer if he were to step down.
The S&P 500 and the Dow indexes ended higher on Monday amid a largely upbeat earnings season, while the Nasdaq came under pressure from declines in some high-flying growth stocks, as the rotation into cyclical and “reopening” stocks continued.
MSCI’s broadest index of Asia-Pacific shares outside Japan was just 0.15% higher heading into the Asian afternoon session in trading thinned by holidays in China and Japan.
New York timeThe Nasdaq 100 fell 0.4%The Dow Jones Industrial Average rose 0.7%The MSCI World index rose 0.2%CurrenciesThe Bloomberg Dollar Spot Index fell 0.3%The euro rose 0.3% to $1.2062The Japanese yen rose 0.2% to 109.10 per dollarBondsThe yield on 10-year Treasuries declined two basis points to 1.60%Germany’s 10-year yield was little changed at -0.20%CommoditiesWest Texas Intermediate crude rose 1.4% to $64 a barrelGold futures rose 1.4% to $1,793 an ounceFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
— The parent company behind the popular Grayscale Bitcoin Trust said it’s upping the amount of shares it plans to purchase as the fund remains at a deep discount to its holdings.Barry Silbert’s Digital Currency Group Inc., which controls Grayscale Investments, said Monday it will now buy up to $750 million GBTC shares.
By Bank of America’s count, inflation angst among corporate executives was most prevalent in the commodity, consumer and industrial sectors.Read: Specter of Inflation Sends Record Cash Flowing Into Value ETFWhile government data showed March output costs and consumer prices posting the biggest increases in about a decade, Federal Reserve officials have played down the risk that inflation could get out of control, saying any boost won’t last long.Comments from business leaders are “pointing to at the very least, ‘transitory’ hyper-inflation ahead,” Bank of America strategists led by Savita Subramanian wrote in the note.
The deal, announced on Monday by Sony Interactive Entertainment Chief Executive Officer Jim Ryan, comes after Reuters reported last month that Discord had ended sale talks with Microsoft Corp to focus on expanding its business as a standalone company.
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