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‘Top priority:’ Li-Cycle CEO addresses scaled-back Rochester Hub, three-point plan

todayMarch 19, 2024 4

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ROCHESTER, N.Y. (WROC) — Li-Cycle is a Canadian company and battery recycler, and in October of 2023, it paused construction on the Rochester Hub: The key to their spoke and hub system.

The hub was paused because of construction costs, which ballooned to nearly $1 billion. Friday, the company reported $138 million in losses.

CEO of the company, Ajay Kochhar, said that past is not present, and says this project from the Federal Department of Energy is meant to grow businesses in a growing field: Advanced Technologies Vehicle Manufacturing.

“These businesses, if you were to say anything making batteries anything in this whole ecosystem, had a track record of positive making money,” he said. “Yeah, there might be some businesses that like the depending on what they do… But there’s a whole swath of them that aren’t, that is not the mandate of the program.”

Kochhar says they are working continuously to restart the hub, with a scaled-back $508 million plan. They are seeking local help for construction, are working to secure the $375 million federal loan, and are using the $75 million from Glencore.

“This was an investment to enable us to get there,” Kochhar said. Glencore has already invested north of $200 million in Li-Cycle. “It’s not the only part of the journey, but it’s an important part of the journey to turn the page after the speed bump that we hit, so it’s squarely where it was, which is top priority.”

​ ROCHESTER, N.Y. (WROC) — Li-Cycle is a Canadian company and battery recycler, and in October of 2023, it paused construction on the Rochester Hub: The key to their spoke and hub system.

The hub was paused because of construction costs, which ballooned to nearly $1 billion. Friday, the company reported $138 million in losses.

CEO of the company, Ajay Kochhar, said that past is not present, and says this project from the Federal Department of Energy is meant to grow businesses in a growing field: Advanced Technologies Vehicle Manufacturing.

“These businesses, if you were to say anything making batteries anything in this whole ecosystem, had a track record of positive making money,” he said. “Yeah, there might be some businesses that like the depending on what they do… But there’s a whole swath of them that aren’t, that is not the mandate of the program.”

Kochhar says they are working continuously to restart the hub, with a scaled-back $508 million plan. They are seeking local help for construction, are working to secure the $375 million federal loan, and are using the $75 million from Glencore.

“This was an investment to enable us to get there,” Kochhar said. Glencore has already invested north of $200 million in Li-Cycle. “It’s not the only part of the journey, but it’s an important part of the journey to turn the page after the speed bump that we hit, so it’s squarely where it was, which is top priority.” Read More DevelopmentRochesterFirst  

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