The developers behind a $500 million battery plant planned for north St. Louis have officially cancelled the project.
In an SEC filing this week, Israeli-based ICLGroup Ltd. told shareholders it will cease operations in North America, effectively ending the lithium battery plant planned for the north riverfront.
The company called the decision part of a “strategic review of its operations.
In October, the Department of Energy pulled a $197 million federal grant for the project, casting doubt over whether the project would come to fruition.
The company reported on the possibility of discontinuing the project in a Securities and Exchange Commission filing, estimating that it could garner a $40 million investment write-off if it did.
Developers had said the plant would create more than 150 jobs, and local officials called the project a big opportunity for the area.
Previously, the development community touted the $500 million plant as a huge win for St. Louis. Neil Richardson, CEO and chairman of the St. Louis Development Corporation at the time, called the project a testament to the city’s investment in workforce development.
The project had critics. Some community members and environmental groups pushed back against the development over environmental concerns and allegations of environmental racism
