The US startup is building a closed-loop battery ecosystem aimed at lowering EV costs by lessening dependence on imported materials.

Nippon Steel currently has minority stakes in six coking coal assets, mostly in Australia.

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.

Sales of thermal coal to Europe dropped to about 10-15% of total exports from 30% before the invasion.

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