Posted on 10/23/2023 6:01:29 PM PDT by 11th_VA
- Li-Cycle Holdings Corp., which is set to receive significant backing from the Biden administration, saw its share price slashed nearly in half after announcing it would pause construction on a first-of-its-kind lithium-ion-battery recycling plant.
The Toronto company said it would halt work on its Rochester Hub pending completion of a strategic review, including scope and budget. Li-Cycle said it is facing escalating construction costs that exceed prior guidance and is working closely with the US Energy Department concerning its offer of a $375 million loan commitment.
Li-Cycle is one of the many companies vying to help the US meet surging demand for battery materials needed in the transition from gas-powered cars. The government is pouring billions of dollars in subsidies and tax incentives to build up a domestic supply chain, intended to help the US compete with China’s dominant industry position. The setback shows the challenges the US and the West face trying to essentially kick-start an industry from scratch.
Li-Cycle shares fell as much as 49% in New York. The stock closed at $1.23, down 46% for the day, its largest drop on record.
Shares jumped 6% in February after the Biden administration announced the company’s US subsidiary would receive the loan to help finance expansion of a facility to recycle lithium-ion batteries into chemicals that can be used for the batteries of more than 200,000 electric vehicles a year.
The unexpected announcement comes as congressional Republicans have vowed to find the next Solyndra LLC in their criticism of the hundreds of billions of dollars in new loan authority given to the Energy Department in President Joe Biden’s signature climate law. Solyndra, a California solar manufacturer that flopped soon after receiving a $535 million loan guarantee during the Obama administration ...
(Excerpt) Read more at finance.yahoo.com ...
The Uniparty thought you could subsidize anything, and it would work. They thought poorly.
Green-Pinkos are holding out for more money. Grifters one and all.
A vast number of solar panel companies go bankrupt after Obama provides with millions of dollars in Federal grants.
I read something today, I forgot where, that said that insurance companies are leaning AGAINST insuring electric cars over the fire hazards and the huge expense of replacing batteries in them.
Small/minor accidents with an EV cost a great deal to fix.
Big Biden Backed Battery Business Boost Bet Becomes Blockbuster Bombastic Bearer Bond Binge
That’s not a bug, it’s a feature
LOL !!! my grand kids did something like that, and it was on video. Fortunately no one got hurt
hopefully, all the “green” nonsense is falling down:
20 Oct: CNBC: Analysts bail on solar stocks after SolarEdge warning of weak earnings
https://www.cnbc.com/2023/10/20/analysts-bail-on-solar-stocks-after-solaredge-warning-of-weak-earnings.html
20 Oct: MSN: SolarEdge, rivals hammered after it warns of ‘significantly lower’ profits on weak Europe demand
by Claudia Assis
SolarEdge’s stock dropped 22% ahead of Friday’s regular market open...
“During the second part of the third quarter of 2023, we experienced substantial unexpected cancellations and pushouts of existing backlog from our European distributors,” SolarEdge Chief Executive Zvi Lando said...
https://www.msn.com/en-us/money/markets/solaredge-rivals-hammered-after-it-warns-of-significantly-lower-profits-on-weak-europe-demand/ar-AA1iwV4d#
20 Oct: Globenewswire: SolarEdge Technologies (SEDG) Shares Tumble on Demand Warnings – Hagens Berman Firm Encourages Investors with Losses to Contact its Attorneys
Perhaps even more troubling, SolarEdge revealed the sluggishness will continue for the remainder of the year, as the company said fourth-quarter results would be significantly lower than expected as well, suggesting that decline demand is a long-term challenge...
“We’re investigating whether SolarEdge accurately disclosed the sustainability of its sales practices and true drivers of its past positive results,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in SEDG and have significant losses, or have knowledge that may assist the firm’s investigation, submit your losses now...
Whistleblowers: Persons with non-public information regarding SEDG should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC...
https://www.globenewswire.com/news-release/2023/10/20/2764211/0/en/SolarEdge-Techn
ologies-SEDG-Shares-Tumble-on-Demand-Warnings-Hagens-Berman-Firm-Encourages-Investors-with-Losses-to-Contact-its-Attorneys.html
Video....
C’mon, everybody’s heard of hot stocks.🔥🔥🚒🚒🚒🚒
Hmm. wonder why the Biden “Administration” is giving “significant backing” to a Toronto company. Don’t Toronto companies have their very own country to grift? Or are we just the world’s sucker for a “green” idea with potential kickbacks for Democrats?
Lie-cycle?
SOLYNDRA, REMEMBER
Its a CANADIAN COMPANY?.
The Toronto company owned by the Chinese?.
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