Li-Cycle Holdings Corp (NYSE:LICY) announced plans to support Daimler Truck North America (DTNA) in its goal to integrate a comprehensive circular economy approach across its operations to reduce its carbon footprint.

Li-Cycle and DTNA have partnered to recycle lithium-ion batteries from DTNA electric vehicles that reach the end of their life cycle.

Recycling lithium-ion batteries is part of DTNA's plans to maximize battery lifespans and reduce material waste to tackle global sustainability challenges.

Also Read: Li-Cycle To Slash 17% Of It's Employee Strength

DTNA's strategy emphasizes repairing, remanufacturing, repurposing, and recycling lithium-ion battery materials.

Li-Cycle CEO Ajay Kochhar said, "Our environmentally friendly and safe recycling technologies can recover critical materials to help create a domestic closed-loop battery supply chain, giving new life to these battery materials and helping power the world's transition to clean energy."

Price Action: LICY shares were trading lower by 3.01% at $0.45 premarket at the last check on Thursday.

Also Read: Li-Cycle Bags $75M Investment From Glencore