Li-Cycle Holdings Corp., the Toronto-based company behind an unfinished lithium-ion battery recycling hub in Rochester’s Eastman Business Park, has been acquired by Glencore Canada Corp., a global commodities trading and mining company.
Glencore announced the acquisition on Aug. 7. However, it has not released any details about its plans for the Rochester facility.
The original vision for the Rochester site
Li-Cycle began construction on the Eastman Business Park facility after announcing the project in December 2020. The hub was designed to recycle and refine valuable materials — including lithium, nickel, and cobalt — from used lithium-ion batteries, producing what’s known as “black mass” to support electric vehicle battery production.
At full capacity, the company once projected the facility could create up to 270 jobs in the region.
Project stalled by rising costs
Initially budgeted at $485 million, construction costs ballooned to approximately $1 billion over several years. This financial strain caused Li-Cycle’s stock to plummet and its debts to grow, forcing the company to halt construction in October 2023.
Bankruptcy and acquisition
In May 2025, Li-Cycle filed for bankruptcy. Shortly after, Glencore submitted a $40 million bid to acquire its assets.
Next steps unclear
It remains to be seen whether Glencore will complete the Rochester hub or shift its plans for the site. The company has not yet responded to questions regarding the facility’s future.
Reporter Marcia Greenwood covers general assignments and has an interest in retail news. Send story tips to mgreenwo@rocheste.gannett.com. Follow her on X @MarciaGreenwood.
This article originally appeared on Rochester Democrat and Chronicle: Li-Cycle sold to Glencore: Future of stalled Rochester battery hub uncertain
Reporting by Marcia Greenwood, Rochester Democrat and Chronicle / Rochester Democrat and Chronicle
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