Battery recycler Li-Cycle is suspending construction work on its flagship hub project in Rochester, New York. The Canadian company now plans a "comprehensive review of the go-forward strategy for the project". The decision to pause construction came as the result of escalating construction costs, which are now expected to exceed the previously disclosed guidance, the company explained in a statement issued on Monday. Li-Cycle's review is to include an evaluation of the "the go-forward phasing of its scope and budget, including construction strategy".
The lithium-ion battery (LIB) recycler expects to release further details on the review process and updates on its near-term plans on November 13 when it publishes its financial results for the third quarter ended September 30....
