Li-Cycle is a lithium-ion battery recycling company that collects and processes end-of-life batteries, manufacturing scrap, and damaged or recalled batteries, then extracts and sells the valuable materials within them. Li-Cycle's customers are EV manufacturers, battery cell producers, and other companies in the battery supply chain. Li-Cycle sources feedstock through direct commercial contracts and through a global partnership with Glencore, which also serves as a key financial backer. Li-Cycle's recycling process uses a two-stage "Spoke & Hub" model. Spoke facilities shred incoming batteries through a proprietary submerged shredding process to produce black mass — a powder containing lithium, nickel, cobalt, and manganese. Li-Cycle operates three Gen 3 Spokes in Arizona, Alabama, and Germany, which can process full EV battery packs without dismantling. Hub facilities are designed to refine black mass further via hydrometallurgy to produce battery-grade lithium carbonate and mixed hydroxide precipitate. Li-Cycle generates revenue by selling black mass (priced off commodity metal prices) and by charging recycling service fees. The intended step-change in the business model comes from the Rochester Hub in New York, which would unlock significantly higher-value end products and better margins, but construction has been paused since 2023 due to cost overruns and is under strategic review. A second Hub is being studied in Portovesme, Italy, in partnership with Glencore.