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The loan will help Li-Cycle continue to advance a lithium-ion battery recycling facility in Rochester, New York, that could become a source of battery materials.
In a victory for the US battery recycling sector, Li-Cycle Holdings has announced that it has secured a $475 million loan from the US Department of Energy (DOE) Office of Loan Programs.
This historic funding will support the development of Li-Cycle’s facility in New York State, called the Rochester Hub, which the company says will become North America’s first “commercial hydrometallurgical resource recovery facility.”
This would become a major domestic source of recycled critical materials for producing lithium-ion batteries, including battery-grade lithium carbonate and mixed hydroxide precipitate, or MHP. MHP is an intermediate product containing nickel, cobalt and manganese metals.
The DOE credit facility, which includes up to $445 million in principal and $30 million in capitalized interest, represents the first time the agency has provided financing to a lithium-ion battery recycler. DOE recognizes Li-Cycle’s critical role in creating a sustainable, domestically sourced battery supply chain.
“Securing the DOE loan is a strong endorsement of Li-Cycle’s recycling technology and its importance to the transition to electrification,” said Ajay Kochhar, President and CEO of Li-Cycle. “This funding will allow us to advance the Rochester Hub, which will be an important domestic source of critical battery materials.” |
