ROCHESTER, N.Y. — Li-Cycle, the company that promised to turn Rochester into North America’s hub for recycling lithium-ion batteries, has filed for bankruptcy.
Li-Cycle was in the middle of building a $700 million, 62-acre recycling hub at the Eastman Business Park when it halted construction back in September of 2023. Since then, Li-Cycle has started winding down some of its operations and trying to sell off most of everything else.
Li-Cycle has entered into a term sheet with an affiliate of Glencore Canada Corporation, the company’s largest secured creditor. Glencore has agreed to a credit bid for at least $40 million for certain of Li-Cycle’s subsidiaries and assets, including for the Rochester hub project.
Basically, the deal gives Glencore first dibs on those assets for $40 million. But there would be no guarantee that Glencore would finish the project or even keep the current operations running in Rochester.
Glencore had no comment and Li-Cycle directed News10NBC to a news release.
Li-Cycle files for bankruptcy, over a year after halting construction in Rochester WHEC.com.
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