Li-Cycle raises cost for suspended NY lithium recycling hub

Li-Cycle raises cost for suspended NY lithium recycling hub

Li-Cycle raises cost for suspended NY lithium recycling hub 1002 635 Energy Storage Journal

March 21, 2024: Li-Cycle said on March 19 “significant additional funding” will be needed before it can restart construction of its planned New York lithium battery recycling hub — and revealed the cost estimate of the project has increased to $960 million.

The recycling company extended the suspension of work on its Rochester hub last November, saying then that the revised project costs could be in the range of $850 million to $1 billion.

Latest cost estimates were revealed by CEO Ajay Kochhar in his presentation of full-year 2023 results.

He confirmed that proposals for a recycling joint venture at Glencore’s existing Portovesme lead and zinc processing plant in Italy remain “paused” and under review by both companies.

Kochhar also said Li-Cycle had “slowed operations” at several facilities in the US and Canada and is reviewing further pauses or slowdowns that could affect operations in France, Norway and Germany.

However, he welcomed an extra $75 million investment from Glencore, to boost Li-Cycle’s liquidity.

Meanwhile Li-Cycle confirmed the technical viability of producing lithium carbonate and mixed hydroxide precipitate at its Rochester hub.

Talks are continuing with the US Department of Energy following a conditional commitment for a federal government loan of up to $375 million.