Houston-based Peridot Acquisition Corp. will combine with Toronto-based Li-Cycle Corp., the companies announced Feb. 16. The combined company will be named Li-Cycle Holdings Corp. and will be listed on the New York Stock Exchange under the ticker symbol “LICY.” The deal is expected to close in the second quarter of 2021.

Ajay Kochhar, co-founder, president and CEO of Li-Cycle, and Tim Johnston, co-founder and executive chairman of Li-Cycle, will continue to lead the combined company. Alan Levande, chairman and CEO of Peridot, will join Li-Cycle’s board of directors. Levande most recently served as co-CEO of Dallas-based Covey Park Energy LLC, a natural gas company that was acquired for $2.2 billion in 2019 by Frisco, Texas-based Comstock Resources Inc.

Peridot’s initial public offering last fall raised gross proceeds of $300 million before deducting underwriting discounts and commissions and other offering expenses. At the time, Peridot said it was looking for a business combination deal with what it calls “mitigation and adaptation” companies — those that “focus on environmentally sound infrastructure, industrial applications and disruptive technologies that eliminate or mitigate greenhouse gas (GHG) emissions and/or enhance resilience to climate change.” Peridot was considering companies in sectors such as electrification, clean-fuel transportation, self-directed and autonomous mobility and related infrastructure, energy storage and efficiency, smart-grid technology, renewable energy, biofuels and synthetic fuels management, reuse and recycling of waste and water, as well as related environmental infrastructure, air emissions and carbon capture, utilization and storage, among others.

“Li-Cycle is at the forefront of one of the most crucial and under-penetrated markets in clean technology that is growing in lock-step with the electrification of mobility,” Levande said Feb. 16. “As the North American market leader, we believe Li-Cycle is a unique and compelling (environmental, social and governance) investment opportunity for investors looking to participate in the global energy transition.”

To read the full story, visit https://li-cycle.com/news/houston-spac-peridot-acquisition-corp-to-take-torontos-li-cycle-corp-public/.
Author: *Original article published in Houston Business Journal
 

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