Li-Cycle is pausing construction of Rochester hub - News10NBC
Li-Cycle is pausing construction of Rochester hub - WHEC.com
Li-Cycle is pausing construction of Rochester hub
Li-Cycle (file photo)
ROCHESTER, N.Y. — A company that promised to bring 275 jobs to Rochester in exchange for millions of dollars in taxpayer loans has now halted the project.
Lithium battery recycler Li-Cycle announced Monday that the construction of a major expansion at Eastman Business Park has been suspended. The pause will remain in effect pending completion of a comprehensive review of the “go-forward strategy for the project” according to the Toronto-based company.
In a statement, Li-Cycle says while engineering and procurement for the project are largely complete, it has recently experienced escalating construction costs Accordingly, the Company expects the aggregate cost for the current scope of the project to exceed its previously disclosed guidance and in light of that, the Board of Directors decided to pause construction work.
In February, Senate Majority Leader Chuck Schumer announced the company had been selected for a $375 million loan to turn Rochester into a hub for recycling lithium-ion batteries, used to power electric cars, phones and other items. Li-Cycle says it continues to work closely with the U.S. Department of Energy with respect to that previously announced loan and will have additional updates on the Company’s near-term plans and the project review process on November 13.
Local leaders seemed to have no indication that trouble was brewing with the hub, just last week, Monroe County Executive Adam Bello tweeted from the facility saying, “Honored to tour @li_cycle North America Hub being built at Eastman Business Park!”
This is a developing story, News10NBC Investigative Reporter is speaking with State and Federal Leaders about the situation and will have updates throughout the day.
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