New York Construction Report staff writer
Construction has been halted at Li-Cycle Holdings Corp.’s Rochester Hub project until a comprehensive review of the project’s strategy is completed. The hub and its warehouse are planned for more than 65 acres at the Eastman Business Park.
The Mississauga, Ont.-based company said in a recent statement that it plans to wait for a review of the project, including an evaluation of the go-forward phasing of its scope and budget, including construction strategy as the project has reported escalating construction costs.
Moelis & Company LLC, a global independent investment bank,, has been hired as financial advisor to assist in evaluating financing and strategic alternatives for the Li-Cycle and “has commenced a robust process that includes both existing stakeholders and potential new investors.”
Li-Cycle received a $375 million loan commitment from the U.S. Department of Energy earlier this year to help finance construction of the battery recycler’s hub, a project expected to create about 1,000 construction jobs.
The Rochester Hub would be the first commercial hydrometallurgical resource recovery facility in North America. Its hydrometallurgical process produces no wastewater discharge, minimal solid waste streams and relatively low air emissions.
The hub was also expected to become a significant domestic source of battery-grade materials, including lithium, nickel and cobalt. It is designed to have a processing capacity of up to 90,000 tons of lithium-ion battery material.
