Greece, N.Y. — A multimillion-dollar investment in lithium expected to bring 270 new jobs to the Rochester area is now on pause.
Li-Cycle announced Monday it's halting construction work on its Rochester hub project "pending completion of a comprehensive review of the go-forward strategy for the project."
As previously disclosed, engineering and procurement for the project are largely complete, with the current focus being on construction activities on site. Li-Cycle has recently experienced escalating construction costs. Accordingly, the Company expects the aggregate cost for the current scope of the project to exceed its previously disclosed guidance. In light of these developments, the Board of Directors has decided to pause construction work on the Rochester Hub, pending a review of the project, including an evaluation of the go-forward phasing of its scope and budget, including construction strategy. Li-Cycle continues to work closely with the U.S. Department of Energy (“DOE”) with respect to the previously announced $375 million loan commitment through the Advanced Technology Vehicles Manufacturing (“ATVM”) program for the project, in conjunction with the project review.
Li-Cycle, a lithium-ion battery recycler at Eastman Business Park, received a $375 million loan from the U.S. Department of Energy.
BACKGROUND: Local plant gets big boost to produce electric vehicle batteries
The project would have made Li-Cycle one of the nation's largest suppliers of material for batteries and was expected to help provide batteries for more than 200,000 electric vehicles each year.
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October 24, 2023 at 01:49AM
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Construction on Li-Cycle electric vehicle battery facility in Rochester area halted - 13WHAM-TV
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