Li-Cycle releases 2024 year-end report: Revenue up, costs down, no new plans for Rochester Hub
ROCHESTER, N.Y. (WROC) — Li-Cycle, the Canadian battery recycler that paused construction on the Rochester Hub in 2023, has released its 2024 year-end financial report.
The company reported a 53% increase in revenue year-over-year, reaching $28.0 million in 2024. In addition to increasing revenue, the company also reported a 13% in expenses.
Li-Cycle attributes both to the pause of the Rochester Hub.
Li-Cycle pauses construction of Rochester facility due to costs
However, the company acknowledged that without additional resources, Li-Cycle 'will need to significantly modify or terminate its operations and may need to dissolve and liquidate its assets under applicable bankruptcy laws or otherwise file for bankruptcy protection.' In the report, Li-Cycle said that is not aware of additional financial resources.
Li-Cycle was de-listed from the New York Stock Exchange in early March.
As part of that acknowledgement, Li-Cycle said that a special committee is investigating a letter from the Swedish material company Glencore regarding its intent to enter into a 'special transaction' involving Li-Cycle.
Glencore previously invested $75 million into Li-Cycle.
In 2024, the company also said it closed on a new $475 million loan from the federal government. That loan would not be paid out until construction on the Hub is finished.
Li-Cycle's Q2 2024 report
'We believe we are well-positioned to support, and are aligned with, the energy priorities of the U.S. government as they look to bolster and onshore the energy supply chain through the domestic production of critical minerals,' said Ajay Kochhar, CEO of Li-Cycle, in a statement. 'Looking ahead, we are focused on managing our cash position while considering our financial and strategic alternatives.'
Construction on the Rochester Hub was paused in 2023 due to ballooning construction costs, which hit nearly one billion dollars.
Stick with News 8 on this developing story.
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