In all, 60 employees will lose their jobs. The company was still informing affected staff about the cuts on Tuesday afternoon.
Li-Cycle, which plans to record an $8.3 million severance charge this quarter, will have roughly 200 employees after the cuts.
While Li-Cycle posted its highest quarterly revenue ever during 2023, the company has struggled with construction cost overruns at its Rochester, New York, battery processing facility. The US Energy Department said last year that it would conditionally lend the company $375 million for that facility, but cost estimates have nearly doubled to $960 million.
That massive cost overrun – along with technical complexities of recycling technology the company planned to use – had hammered Li-Cycle’s stock and forced it to seek a cash infusion from Glencore. The mining giant earlier this month announced a $75 million convertible loan that if exercised, would make it the largest…
