Battery recycler Li-Cycle plans to lay off 17% of its staff - including three senior executives - as it pares its ambitious global growth plans in order to save cash and focus on building a crucial processing facility in New York. The cuts, announced on Tuesday, are a tacit acknowledgement by the Toronto-based company that its rapid growth in recent years - with facilities announced across North America, Europe and Asia - was unsustainable given the high costs and technical challenges associated with building what is essentially a new global market for electric vehicle battery recycling. Li-Cycle, which plans to record an $8.3 million severance charge this quarter, will have roughly 200 employees after the cuts.
America s Lithium Laws Fail to Keep Pace With Rapid Development usnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from usnews.com Daily Mail and Mail on Sunday newspapers.
Washington s drive to make the
United States a major global lithium producer is being held back
by a confusing mix of state regulations that are deterring
developers and hampering efforts to break.
Lithium has historically been sold on long-term contracts by Albemarle and other producers, making it difficult for automakers and other customers to determine a benchmark price. The slowing pace of EV adoption globally, combined with lithium overproduction in China, has dragged down lithium prices and seen job cuts by producers. A basket of lithium prices compiled by Benchmark Mineral Intelligence has dropped 80% in the past year.