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Li-Cycle bankruptcy leaves local economic leaders tapping fingers

ROCHESTER, N.Y. (WROC) — The promise of Li-Cycle supercharged our region. The plan was to take 65 acres of Eastman Business Park and produce a hub that could break down used lithium-ion batteries into material necessary for fresh power sources. The recycling process would employ 270 people and put Rochester on the frontline of the booming lithium-ion industry. There was even a $375 million federal loan waiting for the company if it met certain requirements. None of it came to pass. Li-Cycle, a Toronto-based company, started then stopped construction citing rising costs then sent up one red flag after another. The downward spiral hit a low with last week's bankruptcy filing in Canada with similar moves in the works in the U.S. The sale of its business and assets could be right around the corner. The collapse has put local economic leaders into a wait-and-see approach with some saying not all hope is lost. Matt Hurlbutt, President and CEO of Greater Rochester Enterprise, which works to attract new business, says he sees potential in Glencore's involvement. Glencore, a Swiss-based commodities and mining giant, has invested hundreds of millions of dollars into Li-Cycle and has now set an initial bid for some of its assets, including the Rochester hub. This sets the stage for a possible auction, which could lead to future development. 'The offering (Glencore) had, as well as their interest in the technology, we're hoping could move forward here in Rochester,' Hurlbutt said. 'The shape of that, we have to wait and see the process movement.' As for the assigned plot of land within Eastman Business Park, Hurlbutt says if Glencore or another buyer doesn't restart construction, there are other innovative companies that could make use of the property. 'I think you'll see that site used in some manner in the future,' Hurlbutt said. 'Now, we don't have a direct timeline of understanding of when that could take place, but from our perspective, when we talk about research and development, material science, emergency innovation, we see that as a viable opportunity leveraging assets in Eastman Business Park, certainly the partners we have in the community, for a viable future there, the process just has to play out.' Until then, though, the space will represent a promise unfulfilled. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.