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2 Min Read (Reuters) - Li-Cycle Corp, a recycler of lithium-ion batteries, is nearing a deal to go public through a merger with blank-check acquisition company Peridot Acquisition Corp at a valuation of about $1.7 billion, according to people familiar with the matter. The deal could be announced as early as Tuesday, the sources said, requesting anonymity ahead of an official announcement. It represents a bet on the growing market for recycling used batteries, as well on the rising demand for lithium-ion power sources for new technologies such as electric vehicles. Founded in Toronto in 2016, Li-Cycle recycles end-of-life lithium-ion batteries that power products such as electric cars, medical equipment and smartphones. Its investors include Moore Strategic Ventures and CC Industries.

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