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Li Cycle

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business2 years ago

Li-Cycle's Financial Woes Threaten Rochester Hub Project

Li-Cycle, a lithium-ion battery recycling company, is facing financial troubles with paltry revenue, disproportionate spending, and mounting debt. Financial analyst George Conboy predicts that the company may go bankrupt within six months. Li-Cycle's Rochester Hub, a battery recycling facility, may never be completed due to escalating construction costs. The company is seeking additional financing and time to secure a conditional loan from the Department of Energy. Li-Cycle has hired an investment banking firm to evaluate financing and strategic alternatives, indicating a potential bankruptcy filing. An impairment assessment revealed a $96.5 million write-down on the Rochester Hub, suggesting a lack of value in the project. Li-Cycle's future in Rochester appears bleak, and its stock has fallen. A class-action lawsuit has been filed against the company for alleged misleading statements.

via Rochester Business Journal|
#bankruptcy#business#construction-costs
business2 years ago

Li-Cycle Halts Rochester Facility Construction Amid Cost Concerns

Li-Cycle has temporarily halted construction on its Rochester Hub facility in New York due to increased construction costs. The company's Board of Directors is reviewing the project's scope and budget. Li-Cycle has completed most of the engineering and procurement work and will be working with the Department of Energy for a project review. The Rochester Hub aims to produce recycled materials for lithium-ion batteries and is expected to create over 200 permanent jobs. No public money has been involved in the project so far.

via RochesterFirst|
#business#construction#li-cycle
technology2 years ago

Revolutionary Factory Recycles 95% of EV Batteries

Li-Cycle, a U.S.-based company, is leading the way in recycling EV batteries by breaking them down into their constituent components and reclaiming valuable metals like lithium, nickel, and cobalt. In a video by YouTuber Zack Nelson, Li-Cycle's recycling process is showcased, which involves shredding the batteries, separating the plastics and metals, and refining the metals into a substance called "black mass." This black mass can then be used to create new batteries, allowing up to 95 percent of the material in an EV battery to be fully recycled. The process is a significant step towards reducing the environmental impact of mining for these finite resources.

via Jalopnik|
#ev-batteries#li-cycle#metals