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By Chris Wack
Li-Cycle Holdings shares were down 14% to $1.96 in premarket trading after the company paused construction work on its Rochester Hub project in New York, pending completion of a comprehensive review.
The stock closed Friday down 4.2% at $2.27 and had fallen about 52% for the year.
The lithium-ion battery resource recovery company previously said engineering and procurement for the project are largely complete, with the current focus being on construction activities on site.
Li-Cycle said it has recently experienced escalating construction costs and now expects the cost for the current scope of the project to exceed its previously estimates.
Due to these circumstances, the Li-Cycle board of directors has decided to pause construction work on the Rochester Hub, pending a review of the project.
Li-Cycle had described the Rochester Hub as the first commercial hydrometallurgical battery resource recovery facility and the first source of recycled battery-grade lithium carbonate production in North America, with commissioning planned for late 2023.
Write to Chris Wack at [email protected]
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