Li-Cycle co-founder Ajay Kochhar will return to lead Glencore’s battery recycling unit following the Swiss mining giant’s acquisition of the bankrupt Toronto-based firm. Court documents peg the final offer at $43.6 million, including previously advanced funds.
Li-Cycle filed for bankruptcy in May after a costly construction dispute in New York. The deal allows continued operations in Germany, with potential restarts in Ontario, Arizona, Alabama, and New York. Once at risk of shuttering globally, the Canadian clean-tech startup now gets a second life under Glencore’s industrial wing.
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