that it reached a significant milestone for the Rochester Hub project. the company obtained key environmental permits for its Rochester Hub, which will be the first hydrometallurgical battery resource recovery facility in North America. As of January 31, 2022, the company had $552.2 million in cash on hand, and it also increased its revenue by 277% to $3.8 million.
For those not following Li-Cycle closely, the Spokes and Hubs are its two types of battery recycling facilities. The Spoke facilities focus on safely and efficiently transforming lithium-ion batteries from a charged state into an inert product. The Hub facilities process the cathode and anode materials into battery-grade end-products for reuse in lithium-ion battery production. Or other applications, even.