Li-Cycle is among a handful of companies looking to cash in on demand for the recovered materials, with companies including Tesla Inc. expressing concerns over supplies of nickel and lithium.

The European Raw Materials Fund is due to start with around $2 billion.

Scott Keogh, chief executive of Volkswagen Group of America, said the move to EVs is the single biggest "industrial transformation in America."

Automakers pressed by consumer demand and rising material costs are charging more for electric vehicles across the board.

Blame it on rapidly worsening investor sentiment, with US stocks entering a bear market because of soaring inflation and higher interest rates that threaten to trigger a recession.

At $1 billion, Tianqi’s offering would be Hong Kong’s biggest listing so far this year.