NFI expands partnership with Li-Cycle to facilitate full-circle sustainable mobility and material recapture through lithium-ion battery recycling

Partnership will facilitate heavy-duty battery recycling at scale asheavy duty EV adoption continues to grow

St. Cloud, Minnesota, USA - November 9, 2021: (TSX: NFI, OTC: NFYEF)NFI Group Inc. ("NFI"), a leading independent bus and coach manufacturer and a leader in electric mass mobility solutions, today announced that it has expanded its partnership with North America's largest lithium-ion battery recycler, Li-Cycle Corp. ("Li-Cycle"), to now offer heavy-duty electric vehicle ("EV") battery recycling to public transit customers in North America through Li-Cycle.

The partnership builds upon successful completion of an EV battery recycling pilot program between NFI subsidiary New Flyer of America Inc. ("New Flyer") and Li-Cycle, originally announced in January 2021. The pilot was Li-Cycle's first program in the heavy-duty vehicle space.

Li-Cycle can now provide battery recycling for all NFI vehicles, including New Flyer, MCI, Alexander Dennis, and ARBOC. As zero-emission adoption continues to expand across North American public transit, the accumulation of end-of-life batteries will increase demand for heavy-duty battery recycling. NFI's partnership with Li-Cycle will provide operators a viable option for battery recycling, in turn delivering full-circle sustainability.

"Since the inception of our pilot project with Li-Cycle, we have witnessed closed loop resource recovery and environmental stewardship in action - which strongly aligns with our focus on sustainability," said Chris Stoddart, President, North American Bus and Coach, NFI. "We are optimistic about Li-Cycle's ability to support increasing demand for battery recycling, and more importantly, to promote it as a viable alternative for recapturing precious minerals for re-entry into the supply chain. As North America's leader in electric mass mobility solutions, it was only natural to partner with North America's largest lithium-ion battery recycler."

Li-Cycle offers a proprietary, closed loop lithium-ion battery resource recovery service producing minimal solid waste, and zero liquid and air emissions that can sustainably produce battery-grade lithium, nickel, and cobalt products.

Li-Cycle recovers critical materials from lithium-ion batteries and reintroduces them into the supply chain. It achieves this through 95% recovery of all lithium-ion battery materials - extracting high-grade materials for battery reproduction at a cost lower than mined and refined material. Its patented wet recycling processes battery materials hydrometallurgically, and outputs high-purity battery chemicals to be redirected to the lithium-ion battery supply chain and broader economy. In addition, Li-Cycle's wet-chemistry process requires lower energy consumption than traditional high temperature processes and is fully sustainable, with no solid or liquid waste and zero-impact air emissions.

"We're thrilled to expand our partnership with NFI following the successful completion of our pilot program as we continue to scale our proven, commercial, and environmentally friendly lithium-ion battery recycling technologies," said Kunal Phalpher, Chief Commercial Officer, Li-Cycle. "Through our continued collaboration, NFI and Li-Cycle will contribute to a circular economy by recycling heavy-duty EV batteries in a truly sustainable, fit-for-purpose pathway."

New Flyer and Li-Cycle are both members of CALSTART, an international nonprofit dedicated to accelerating the pace of clean technology and the adoption of clean transportation.

Li-Cycle (NYSE: LICY) provides end-of-life solutions for lithium-ion batteries while creating a secondary supply of critical battery materials, delivering improved technology and supply chain innovations to better manage battery manufacturing waste and end-of-life batteries and to meet the rapidly growing demand for critical and scarce battery-grade raw materials through a closed-loop solution. For more information, visit li-cycle.com.

NFI is a leader in zero-emission mobility, with electric vehicles operating (or on order) in more than 80 cities in five countries. NFI offers the widest range of zero-emission battery and fuel cell-electric buses and coaches, and the Company's vehicles have completed over 50 million EV service miles. Today, NFI supports growing North American cities with scalable, clean, and sustainable mobility solutions through a four-pillar approach that includes buses and coaches, technology, infrastructure, and workforce development.

NFI also operates the Vehicle Innovation Center ("VIC"), the first and only innovation lab of its kind dedicated to advancing bus and coach technology and providing workforce development. Since opening late 2017, the VIC has hosted over 300 interactive events, welcoming 4,000 industry professionals for EV and infrastructure training.

About NFI

Leveraging 450 years of combined experience, NFI is leading the electrification of mass mobility around the world. With zero-emission buses and coaches, infrastructure, technology, and workforce development, NFI meets today's urban demands for scalable smart mobility solutions. Together, NFI is enabling more livable cities through connected, clean, and sustainable transportation. With 8,000 team members in nine countries, NFI is a leading global bus manufacturer of mass mobility solutions under the brands New Flyer^® (heavy-duty transit buses), MCI^® (motor coaches), Alexander Dennis Limited (single and double-deck buses), Plaxton (motor coaches), ARBOC^® (low-floor cutaway and medium-duty buses), and NFI Parts™. NFI currently offers the widest range of sustainable drive systems available, including zero-emission electric (trolley, battery, and fuel cell), natural gas, electric hybrid, and clean diesel. In total, NFI supports its installed base of over 105,000 buses and coaches around the world. NFI common shares are traded on the Toronto Stock Exchange under the symbol NFI. News and information is available at www.nfigroup.com, www.newflyer.com, www.mcicoach.com, www.arbocsv.com, www.alexander-dennis.com, and www.nfi.parts.

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