Li-Cycle Announces Review of the Rochester Hub Project

TORONTO )--Li-Cycle Holdings Corp. (NYSE: LICY) (“Li-Cycle” or the “Company”), a leading global lithium-ion battery resource recovery company, today announced that it is pausing construction work on its Rochester Hub project, pending completion of a comprehensive review of the go-forward strategy for the project.

As previously disclosed, engineering and procurement for the project are largely complete, with the current focus being on construction activities on site. Li-Cycle 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. In light of these developments, the Board of Directors has decided to pause construction work on the Rochester Hub, pending a review of the project, including an evaluation of the go-forward phasing of its scope and budget, including construction strategy. Li-Cycle continues to work closely with the U.S. Department of Energy (“DOE”) with respect to the previously announced $375 million loan commitment through the Advanced Technology Vehicles Manufacturing (“ATVM”) program for the project, in conjunction with the project review.

Li-Cycle is committed to continuing to support and serve its customers and strategic partners, to lead the global supply of recycled critical battery materials for a clean energy future.

Li-Cycle expects to release its financial results for the third quarter ended September 30, 2023, on November 13, 2023, which will include additional updates on the Company’s near-term plans and the project review process.

About Li-Cycle Holdings Corp.

Li-Cycle (NYSE: LICY) is a leading global lithium-ion battery resource recovery company and North America’s largest pure-play lithium-ion battery recycler, with a rapidly growing presence across Europe. Established in 2016, and with major customers and partners around the world, Li-Cycle is on a mission to recover critical battery-grade materials to create a domestic closed-loop battery supply chain for a clean energy future. The Company leverages its innovative, sustainable, and patent-protected Spoke & Hub Technologies™ to provide a safe, scalable, customer-centric solution to recycle all different types of lithium-ion batteries. At our Spokes, or pre-processing facilities, we recycle battery manufacturing scrap and end-of-life batteries to produce black mass, a powder-like substance which contains a number of valuable metals, including lithium, nickel, and cobalt. At our Hubs, or post-processing facilities, we will process black mass to produce critical battery-grade materials, including lithium carbonate, nickel sulphate, and cobalt sulphate. For more information, visit https://li-cycle.com/.