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Li-Cycle Stock Tumbles 40% After Battery Recycling Startup Pauses Factory Construction
Shares of Li-Cycle Holdings
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were down more than 40% to near $1.20 after the battery recycling company said it is pausing construction on a facility in Rochester, N.Y., citing high costs.
The turbulence could impact Li-Cycle’s pending agreement with the Department of Energy for a $375 million loan to complete the facility and puts its growth plans at risk. The Rochester factory is a core part of Li-Cycle’s operations and is the latest example of high costs battering clean-energy companies.
