March 21, 2024: Li-Cycle stated on March 19 that “important extra funding” is required earlier than it will possibly restart development on its deliberate New York lithium battery recycling hub – and revealed the estimated price of the challenge elevated to $960 million.
The recycling firm prolonged the suspension of labor at its Rochester hub in November, saying the revised price of the challenge might be within the vary of $850 million to $1 billion.
The newest price estimates have been revealed by CEO Ajay Kochhar in his presentation of full-year 2023 outcomes.
He confirmed that proposals for a three way partnership to recycle the present Portovesme lead and zinc processing plant with Glencore in Italy stay “on maintain” and are being reviewed by the 2 firms.
Kochhar additionally stated Li-Cycle has “sluggish operations” at a number of services within the US and Canada and is investigating additional shutdowns or slowdowns that might have an effect on operations in France, Norway and Germany.
However, he accepted an extra $75 million funding from Glencore, to spice up Li-Cycle’s liquidity.
Meanwhile, Li-Cycle has confirmed the technical viability of manufacturing lithium carbonate and blended hydroxide precipitate at its Rochester hub.
Talks proceed with the US Department of Energy following a conditional dedication for a federal authorities mortgage of as much as $375 million.
