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The NYSE-listed recycler Li-Cycle has issued a $100M convertible note to Koch Strategic Platforms to fund the global expansion of pre-processing plants. The deal include several initiatives through which Koch will deliver design, engineering and construction services to Li-Cycle throughout the world.
Koch Strategic Platform is a subsidiary to Koch Investment Group which in itself is part of the Kansas-based privately owned industry conglomerate Koch Industries. The company operates several units in the engineering and construction which might be directly involved in Li-Cycle's plant expansion. Previously this year Koch Strategic Platforms entered into an joint venture with the NYSE-listed Norwegian battery startup FREYR which aims to build cell manufacturing plants in Norway, Finland and, throught the JV, in the US.
The convertible note has a conversion price of $13.43 and will mature in 2026. The Li-Cycle share closed at $12.56 the 29th of September, the day of the announcement.
More details about the deal here.