March 28, 2024

1 Min Read
Zoonar GmbH / Alamy Stock Photo

Li-Cycle is preparing to lay off 17% of its staff, including three senior executives, in a move to save cash and focus on building a processing facility in New York.

The news of layoffs was announced earlier this week and will see 60 employees released from Li-Cycle, leaving the company with approximately 200 employees.

Construction costs for the company’s battery processing facility in Rochester, New York have been a challenge. While the U.S. Energy Department said it would conditionally lend Li-Cycle $375 million for the facility, costs have ballooned to $960 million.

With this news, Li-Cycle’s co-founder and executive chairman, Tim Johnston, will give up his management role.

Read the full article here.

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