Latest news with #Li-Cycle
Business Wire
2 days ago
- Business
- Business Wire
Li-Cycle Receives Cease Trade Order from Ontario Securities Commission
TORONTO--(BUSINESS WIRE)-- Li-Cycle Holdings Corp. (OTC Pink Markets: LICYQ) ('Li-Cycle' or the 'Company'), a leading global lithium-ion battery resource recovery company, announced that, after close of markets on June 5, 2025, the Company received a cease trade order ('CTO') issued by the Ontario Securities Commission ('OSC') as a result of the Company's failure to file periodic disclosures required by Ontario securities legislation. These disclosures include the interim financial statements, and management's discussion and analysis relating to such interim financial statements, for the period ended March 31, 2025, and certification of the foregoing filings as required by National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings. The CTO prohibits any person or company from trading, directly or indirectly, in any security of the Company in Ontario and each other jurisdiction of Canada that has a statutory reciprocal order provision, except in accordance with the conditions that are contained in the CTO, for as long as the CTO remains in effect. A beneficial security holder of Li-Cycle who is not, and was not an insider or control person of the Company at the date of the CTO may sell securities of Li-Cycle acquired before the date of the CTO, if both of the following apply: the sale is made through a "foreign organized regulated market" (or 'FORM'), as defined in section 1.1 of the Universal Market Integrity Rules of the Canadian Investment Regulatory Organization; and the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation. Li-Cycle's common shares are currently quoted on the OTC Pink Markets, which generally does not meet the FORM criteria. As previously disclosed, on May 14, 2025, Li-Cycle and its subsidiaries in North America sought and obtained from the Ontario Superior Court of Justice (the 'Court') an order (the "Initial Order") providing them with creditor protection pursuant to Canada's Companies' Creditors Arrangement Act (the "CCAA"). On May 15, 2025, the CCAA proceedings were recognized, and immediate stays of proceedings entered, by the United States Bankruptcy Court for the Southern District of New York pursuant to Chapter 15 of the United States Bankruptcy Code. Given the ongoing CCAA proceedings and the Initial Order, as amended and restated on May 22, 2025, Li-Cycle has determined that it does not currently intend to devote additional time or financial resources towards its public disclosure obligations in Canada and the United States. The Company's common shares are expected to remain qualified to trade on the OTC Pink Markets for 180 days from the period end date of its most recently filed Annual Report on Form 10-K, which was for the period ended December 31, 2024. As Li-Cycle does not currently intend to file disclosures required by the U.S. Securities and Exchange Commission ('SEC'), the Company expects it will be moved from the OTC Pink Markets to the OTC Expert Markets on or around June 30, 2025, pursuant to SEC Rule 15c2-11. Holders of Li-Cycle securities are urged to consult with their own investment advisors or legal counsel regarding the implications of the CTO. A copy of the CTO can be found on SEDAR+ at Additional information regarding the CCAA proceedings is available on the website of Alvarez & Marsal Canada Inc., the Court-appointed monitor of the Company during the CCAA proceedings, at About Li-Cycle Holdings Corp. Li-Cycle (OTC Pink Markets: LICYQ) is a leading global lithium-ion battery resource recovery company. Established in 2016, and with major customers and partners around the world, Li-Cycle's mission is to recover critical battery-grade materials to create a domestic closed-loop battery supply chain for a clean energy future. For more information, visit Forward-Looking Statements Certain statements contained in this press release may be considered 'forward-looking statements' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, as amended, Section 21 of the U.S. Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. Forward-looking statements may generally be identified by the use of words such as 'believe', 'may', 'will', 'continue', 'anticipate', 'intend', 'expect', 'should', 'would', 'could', 'plan', 'potential', 'future', 'target' or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward-looking statements in this press release include but are not limited to statements about: the Company's expectation that its common shares will remain qualified to trade on the OTC Pink Markets for 180 days following December 31, 2024, and that its common shares will be moved from the OTC Pink Markets to the OTC Expert Markets on or around June 30, 2025 pursuant to SEC Rule 15c2-11. These statements are based on various assumptions, whether or not identified in this communication, including but not limited to assumptions regarding the Company's current and future liquidity and financial resources and the Company's CCAA process. There can be no assurance that such estimates or assumptions will prove to be correct and, as a result, actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements. These forward-looking statements are provided for the purpose of assisting readers in understanding certain key elements of Li-Cycle's current objectives, goals, targets, strategic priorities, expectations and plans, and in obtaining a better understanding of Li-Cycle's business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes and is not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Li-Cycle, and are not guarantees of future performance. Li-Cycle believes that these risks and uncertainties include, but are not limited to, the risks and uncertainties related to Li-Cycle's business are described in greater detail in the section titled "Part I - Item 1A. Risk Factors" and 'Part II - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation' in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC and the Ontario Securities Commission in Canada. Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. Actual results could differ materially from those contained in any forward-looking statement.
Yahoo
2 days ago
- Business
- Yahoo
Li-Cycle Receives Cease Trade Order from Ontario Securities Commission
TORONTO, June 06, 2025--(BUSINESS WIRE)--Li-Cycle Holdings Corp. (OTC Pink Markets: LICYQ) ("Li-Cycle" or the "Company"), a leading global lithium-ion battery resource recovery company, announced that, after close of markets on June 5, 2025, the Company received a cease trade order ("CTO") issued by the Ontario Securities Commission ("OSC") as a result of the Company's failure to file periodic disclosures required by Ontario securities legislation. These disclosures include the interim financial statements, and management's discussion and analysis relating to such interim financial statements, for the period ended March 31, 2025, and certification of the foregoing filings as required by National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings. The CTO prohibits any person or company from trading, directly or indirectly, in any security of the Company in Ontario and each other jurisdiction of Canada that has a statutory reciprocal order provision, except in accordance with the conditions that are contained in the CTO, for as long as the CTO remains in effect. A beneficial security holder of Li-Cycle who is not, and was not an insider or control person of the Company at the date of the CTO may sell securities of Li-Cycle acquired before the date of the CTO, if both of the following apply: the sale is made through a "foreign organized regulated market" (or "FORM"), as defined in section 1.1 of the Universal Market Integrity Rules of the Canadian Investment Regulatory Organization; and the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation. Li-Cycle's common shares are currently quoted on the OTC Pink Markets, which generally does not meet the FORM criteria. As previously disclosed, on May 14, 2025, Li-Cycle and its subsidiaries in North America sought and obtained from the Ontario Superior Court of Justice (the "Court") an order (the "Initial Order") providing them with creditor protection pursuant to Canada's Companies' Creditors Arrangement Act (the "CCAA"). On May 15, 2025, the CCAA proceedings were recognized, and immediate stays of proceedings entered, by the United States Bankruptcy Court for the Southern District of New York pursuant to Chapter 15 of the United States Bankruptcy Code. Given the ongoing CCAA proceedings and the Initial Order, as amended and restated on May 22, 2025, Li-Cycle has determined that it does not currently intend to devote additional time or financial resources towards its public disclosure obligations in Canada and the United States. The Company's common shares are expected to remain qualified to trade on the OTC Pink Markets for 180 days from the period end date of its most recently filed Annual Report on Form 10-K, which was for the period ended December 31, 2024. As Li-Cycle does not currently intend to file disclosures required by the U.S. Securities and Exchange Commission ("SEC"), the Company expects it will be moved from the OTC Pink Markets to the OTC Expert Markets on or around June 30, 2025, pursuant to SEC Rule 15c2-11. Holders of Li-Cycle securities are urged to consult with their own investment advisors or legal counsel regarding the implications of the CTO. A copy of the CTO can be found on SEDAR+ at Additional information regarding the CCAA proceedings is available on the website of Alvarez & Marsal Canada Inc., the Court-appointed monitor of the Company during the CCAA proceedings, at About Li-Cycle Holdings Corp. Li-Cycle (OTC Pink Markets: LICYQ) is a leading global lithium-ion battery resource recovery company. Established in 2016, and with major customers and partners around the world, Li-Cycle's mission is to recover critical battery-grade materials to create a domestic closed-loop battery supply chain for a clean energy future. For more information, visit Forward-Looking Statements Certain statements contained in this press release may be considered "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, as amended, Section 21 of the U.S. Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. Forward-looking statements may generally be identified by the use of words such as "believe", "may", "will", "continue", "anticipate", "intend", "expect", "should", "would", "could", "plan", "potential", "future", "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward-looking statements in this press release include but are not limited to statements about: the Company's expectation that its common shares will remain qualified to trade on the OTC Pink Markets for 180 days following December 31, 2024, and that its common shares will be moved from the OTC Pink Markets to the OTC Expert Markets on or around June 30, 2025 pursuant to SEC Rule 15c2-11. These statements are based on various assumptions, whether or not identified in this communication, including but not limited to assumptions regarding the Company's current and future liquidity and financial resources and the Company's CCAA process. There can be no assurance that such estimates or assumptions will prove to be correct and, as a result, actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements. These forward-looking statements are provided for the purpose of assisting readers in understanding certain key elements of Li-Cycle's current objectives, goals, targets, strategic priorities, expectations and plans, and in obtaining a better understanding of Li-Cycle's business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes and is not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Li-Cycle, and are not guarantees of future performance. Li-Cycle believes that these risks and uncertainties include, but are not limited to, the risks and uncertainties related to Li-Cycle's business are described in greater detail in the section titled "Part I - Item 1A. Risk Factors" and "Part II - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation" in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC and the Ontario Securities Commission in Canada. Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. Actual results could differ materially from those contained in any forward-looking statement. Li-Cycle assumes no obligation to update or revise any forward-looking statements, except as required by applicable laws. These forward-looking statements should not be relied upon as representing Li-Cycle's assessments as of any date subsequent to the date of this press release. View source version on Contacts Investors & MediaInvestors: investors@ Media: media@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30-05-2025
- Business
- Yahoo
OEMs Forge Partnerships to Create Stable Battery Supply Chains
The battery recycling market is driven by sustainability efforts, mergers, and acquisitions to enhance technological capabilities. Key players like Umicore and Li-Cycle focus on securing raw materials and forming closed-loop systems with OEMs to meet rising EV demand. Challenges include high recycling costs and complex processes. APAC leads the market share, driven by strict regulations and incentives. Battery Recycling Market Dublin, May 30, 2025 (GLOBE NEWSWIRE) -- The "Battery Recycling Market - Global Outlook & Forecast 2025-2030" report has been added to Battery Recycling Market was valued at USD 22.75 Billion in 2024, and is projected to reach USD 41.66 Billion by 2030, rising at a CAGR of 10.61%. APAC dominated the global battery recycling market share, accounting for over 57% of global revenue in 2024. APAC, dominated by China, Japan, and South Korea, remains the largest battery production hub and is rapidly expanding its recycling capacity. China, in particular, enforces strict recycling mandates and supports industry growth through subsidies and technology incentives. Government policies, such as China's "New Energy Vehicle" (NEV) regulations, require battery manufacturers to be responsible for recycling, further supporting battery recycling market growth. Australia is emerging as a key player in Lithium-ion battery recycling due to its vast mineral resources and growing EV adoption, with a focus on refining recovered materials for battery-grade reuse. In India, the Battery Waste Management Rules 2022 require producers to ensure responsible recycling and reuse. Also, companies like POSCO, Hyundai, and Panasonic are integrating battery recycling into their supply chains to meet ESG North America, stringent environmental regulations, coupled with government incentives and corporate sustainability goals, are accelerating the growth of lithium-ion battery recycling, in the US and Canada. Companies are investing in advanced hydrometallurgical and direct recycling technologies to improve material recovery efficiency. Furthermore, Europe leads in policy-driven initiatives, with the EU Battery Regulation mandating higher recycling rates and the use of recycled materials in new batteries supporting the battery recycling market growth. Strong investments in gigafactories and a circular economy approach further enhance the region's competitive advantage. Meanwhile, Latin America, and the Middle East & Africa, though still in the early stages, hold potential due to their rich raw material reserves, and investment in local recycling infrastructure could enhance supply chain security for global battery markets. Mergers & Acquisitions in the Battery Recycling MarketThe global push for sustainability and the rapid electrification of transportation have driven a surge in the battery recycling market. As industries work toward a circular economy, companies in the sector are actively pursuing mergers and acquisitions (M&A) to strengthen their technological capabilities, expand market reach, and secure access to critical raw materials like lithium, cobalt, and nickel. In December 2024, Ace Green Recycling, one of the leaders in sustainable battery recycling technology, announced a merger with Athena Technology Acquisition Corp. II, a special-purpose acquisition company. This deal, valuing Ace at $250 million, is expected to close in the first half of 2025. The merger aims to accelerate Ace's expansion plans, including the development of a flagship battery recycling plant in of Stable Supply ChainsThe increasing demand for EVs has pushed Original Equipment Manufacturers (OEMs) to create their supply chain strategies, particularly regarding the sourcing of critical minerals used in EV batteries. To ensure long-term stability and reduce reliance on volatile global markets, automotive OEMs are now forging partnerships with local recyclers. These collaborations aim to establish closed-loop supply chains where end-of-life batteries are collected, processed, and reintegrated into the production cycle. By working directly with recyclers, OEMs can secure a steady stream of essential materials such as lithium, nickel, and cobalt, which are critical for battery production. This approach mitigates risks associated with geopolitical instability, fluctuating raw material prices, and supply shortages and further strengthens the battery recycling market growth. For instance, in February 2024, Volkswagen Group UK expanded its partnership with Ecobat to recycle EV batteries, supporting a circular energy economy. Ecobat, which has worked with VWG UK since 2014, will collect and process high-voltage batteries at its new UK lithium-ion recycling center, its third globally after Germany and Arizona. Volkswagen plans to invest €180 billion ($195.57 billion) in electrification by 2027, aiming for 50 fully electric models by 2030. High Costs of RecyclingBattery recycling is essential for reducing environmental pollution, conserving valuable materials, and ensuring a sustainable energy future. However, the process comes with significant financial challenges that make it less economically viable compared to producing new batteries, thereby hampering the battery recycling market growth. The costs associated with battery recycling stem from several factors, including complex collection systems, expensive processing methods, regulatory compliance, and the evolving nature of battery technology. These factors create barriers for companies and governments trying to establish large-scale recycling instance, the cost of setting up a lithium-ion battery recycling plant in India ranges from $90,000 to $370,000, depending on factors such as machine cost, plant area, raw materials, and other operational expenses. The price of a lithium-ion battery recycling machine varies based on its processing capacity and configuration, ranging from $70,000 to $350,000. The required plant area depends on machine size and storage needs, with a 500kg/h machine requiring approximately 15m 6.5m 6m, while costs fluctuate based on local rent. India has an abundant supply of waste lithium-ion batteries, which helps reduce raw material costs, though market fluctuations should be monitored. Additional expenses such as transportation, labor, and electricity also contribute to the overall investment needed for setting up the plant. BATTERY RECYCLING MARKET VENDOR INSIGHTSThe global battery recycling market is consolidated, and dominated by a few key players that control a significant share of the industry. Major companies such as Umicore, Li-Cycle, Glencore, Redwood Materials, Stena Metall AB, and LG Energy Solutions dominate the global battery recycling market, leveraging their advanced recycling technologies and global networks. These companies have established partnerships with EV manufacturers, consumer electronics firms, and industrial battery suppliers to secure a steady stream of used batteries. Their expertise in recovering valuable metals such as lithium, cobalt, and nickel enables them to maintain cost efficiency while meeting the growing demand for raw materials in battery production. Additionally, some companies vertically integrate their operations, covering everything from battery collection to material refining, giving them a competitive edge in pricing and supply Battery Recycling Market Latest News & Product Launches In February 2024, Dubatt inaugurated the UAE's first integrated battery recycling plant in Dubai Industrial City with an AED 216 million (USD 58.81 million) investment. The facility can recycle up to 75,000 metric tons of lead-acid batteries annually, supporting sustainability and local manufacturing. In March 2024, Regenerate Technology Global, one of the leaders in advanced battery recycling, acquired Infinion SARL, a Luxembourg-based company operating two Swedish battery service firms. Infinion operates a 204,000 sq. ft. facility in Kolback, Sweden, specializing in battery recycling, car dismantling, and waste management. In October 2024, Hydrovolt launched the world's most automated battery recycling line in Fredrikstad, enhancing efficiency and safety in EV and industrial battery recycling. The facility recovers 1 GWh of residual energy annually, supporting its operations and the power grid. Key Company Profiles Call2Recycle, Inc. Glencore LG Energy Solution Li-Cycle Corp Redwood Materials Inc Stena Metall AB Umicore Other Prominent Vendors ACCUREC ACCUREC-Recycling GmbH Ace Green Recycling, Inc. Altilium American Battery Technology Company Aqua Metals, Inc Ascend Elements, Inc. Attero BASF BatX Energies Bluewater Battery Logistics Collect and Recycle Contemporary Amperex Technology Co., Limited Dubatt Battery Recycling LLC East Penn Manufacturing Company ECOBAT Element Resources DE LLC EXIDE INDUSTRIES LTD FIRST BATTERY Fortum Ganfeng Lithium Group Co., Ltd GlobalTech Environmental Gopher Resource Hydrovolt Livium Neometals Ltd Nickelhutte Aue GmbH RecycLiCo Battery Materials Inc Regenerate Technology Global, Inc. SK tes SungEel Hitech Sunlight Recycling Veolia Key Attributes: Report Attribute Details No. of Pages 335 Forecast Period 2024 - 2030 Estimated Market Value (USD) in 2024 $22.75 Billion Forecasted Market Value (USD) by 2030 $41.66 Billion Compound Annual Growth Rate 10.6% Regions Covered Global Key Topics Covered:Market Opportunities & Trends Mergers & Acquisitions in Battery Recycling Market Growing Role of AI in Recycling Rise of Second-Life Batteries Market Growth Enablers Increasing Adoption of Electric Vehicles Government Policies Promoting Circular Economy Creation of Stable Supply Chains Decarbonization and Lower Emission Targets Market Restraints High Costs of Recycling Lack of Infrastructure Market Landscape Market Overview Increasing Demand for Heavy Electric Vehicles Demand Insights Market Size & Forecast Market Segmentation by Source Automotive Consumer Electronic Industrial Market Segmentation by Process Hydrometallurgy Pyrometallurgical Mechanical Direct Recycling Market Segmentation by Geography Battery Recycling Market in APAC China South Korea Japan Australia India Singapore Battery Recycling Market in Europe Germany The U.K. France Spain Italy Belgium Finland Sweden Norway Battery Recycling Market in North America The U.S. Canada Battery Recycling Market in Latin America Colombia Costa Rica Battery Recycling Market in the Middle East & Africa UAE Saudi Arabia South Africa For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Battery Recycling Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Canada Standard
20-05-2025
- Business
- Canada Standard
Lion Electric Finds New Investors, Li-Cycle Heads Toward Bankruptcy Protection
One iconic Canadian clean energy upstart got a new cash infusion last week while another one slid closer to bankruptcy, as St. Jerome, Quebec-based Lion Electric announced it had lined up new investors while Toronto-based Li-Cycle Holdings began dissolution proceedings in Canada and the United States. Li-Cycle's battery recycling operations in Germany and Switzerland will continue, Sustainable Biz reports, but the company will shut down its business in Asia as well as North America. On Thursday evening, Lion Electric said it had reached a "definitive agreement" with a group of Quebec investors for its electric bus manufacturing operation, the Globe and Mail writes. The new consortium includes serial entrepreneur and former Lion board member Pierre Wilkie and Montreal real estate magnate Vincent Chiara. The Superior Court of Quebec is scheduled to review the deal May 21. View our latest digests Earlier this month, Lion looked like it was on its way to liquidation when the Quebec government refused any further public funds after investing tens of millions of dollars in the company. Jean-Francois Nadon, a restructuring specialist with Deloitte, said Lion laid off all but 12 of its employees after the government announced its decision, was still able to pay its remaining staff, but could not come up with May 1 rent for all of its locations, totalling about $400,000. Now, the Wilkie consortium has "agreed to provide new capital, bolstered by the renewal of a provincial government subsidy program that offers incentives to buyers of electric buses," the Globe says. The new owners will take the company private, with a more modest business plan likely focusing on electric school bus manufacturing in St. Jerome. "Retail shareholders will probably be wiped out," the Globe writes, "while other investors could also lose the bulk of their holdings." In Toronto, meanwhile, Li-Cycle announced it would begin selling off its assets after filing for bankruptcy protection in Canada, Reuters reports. Its U.S. operations are also shutting down in New York State. In late April, the company announced it had suspended operations at several of its production facilities after an acquisition deal with mining behemoth Glencore PLC, its biggest secured creditor, fell through. "The company's Arizona and Alabama factories are halting operations to save cash, leaving about 85 employees furloughed, along with 32 at the firm's Toronto headquarters," The Logic reported at the time, and CEO Ajay Kochhar was expected step down as of May 15. Reuters says Li-Cycle "kept running into cost overruns and technical issues" after securing a financial lifeline for its Rochester, New York facility last November, in the form of a US$475-million loan from the U.S. Department of Energy. Now, Li-Cycle has accepted a $10.5-million debtor-in-possession deal with Glencore that will allow it to keep operating while it restructures, along with a $40-million stalking horse credit bid from the UK-based mining behemoth. Sustainable Biz traced the history of Glencore's partnership with Li-Cycle back to a $200-million investment in May 2022. But after that, construction at the Rochester plant that Kochhar had described as a "cornerstone asset" ran into cost overruns. After Glencore poured another $101 million into the company in March 2024, Li-Cycle cut 17% of its global work force and shifted its management model in search of efficiencies. "The problems faced by Li-Cycle are not unique to the company," Sustainable Biz wrote at the time. "The sector in Canada has hit major snags, including both Umicore and E-One Moli pausing plans for their battery factories and Ford withdrawing from its partnership with SK and EcoPro on a $1.2-billion battery plant in Becancour, Que." The news story said key factors have included "the challenges of building up a new industry, and an electric vehicle market that has not been growing at the rapid pace some companies expected," along with "the U.S. government that has acted on its opposition to clean energy projects and the shift to protectionism in global trade." Source: The Energy Mix
Yahoo
19-05-2025
- Business
- Yahoo
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.
