Subsequent events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent events

Subsequent events

Government Grant – Germany Spoke

On February 7, 2024, the Company announced that it has received approval from the State of Saxony-Anhalt, Germany for a grant of up to €6.4 million ($6.9 million) for its Germany Spoke, as a part of the "Improving the Regional Economic Structure" program. On April 30, 2024, the Company received €5.3 million ($5.8 million) of the approved grant. The grant can be used to finance eligible expenditures (primarily machinery and equipment, vehicles, and building or structural improvements) within the investment period ending May 31, 2025. Under the financing plan, the Company is required to fund a proportion of the eligible investment expenditures, to engage at least 38 full-time employees and to provide a security interest in relation to certain equipment.

Notice of Violation - Arizona Department of Environmental Quality

On or around April 17, 2024, the Company received a Notice of Violation from the Arizona Department of Environmental Quality (“ADEQ”) following ADEQ’s visit to the Arizona Spoke on March 27, 2024. ADEQ identified alleged violations related to storage of batteries beyond an operational day prior to recycling without a hazardous waste storage permit and failure to submit a biennial report to the ADEQ by March 1, 2024. The Notice of Violation provides that the Company is required to submit documentation that all hazardous waste and universal waste currently being stored on-site is either removed from the site by transferring to an appropriate destination facility or processed through the recycling process immediately. The Company is in active discussions with ADEQ regarding steps and schedule to achieve compliance. Potential penalties for non-compliance may include fines of up to $25,000 per day, among other things.