The Ontario-based battery-recycling company said its board of directors halted work on its Rochester, N.Y. hub amid “escalating construction costs.” It plans to review the strategy going forward. Its shares closed down 46 per cent on the New York Stock Exchange on Monday. (The Logic)
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The Ontario-based battery-recycling company said its board of directors halted work on its Rochester, N.Y. hub amid “escalating construction costs.” It plans to review the strategy going forward. Its shares closed down 46 per cent on the New York Stock Exchange on Monday. (The Logic)
Talking point: The company follows a “spoke and hub strategy,” and had aimed for the centralized hub to be “a leading source of battery grade materials in North America,” co-founder and executive chair Tim Johnston said on an August earnings call. At that time, Li-Cycle had hoped to start commissioning in Rochester late this year and said it was “actively managing” construction labour with an eye to the facility’s US$560 million budget. The company said Monday that engineering and procurement for the Rochester hub remain largely complete, apart from construction, and it’s committed to keep serving its customers. Its next earnings call is Nov. 13.
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