The U.S. Department of Energy’s (DOE) Loan Programs Office (LPO), through its Advanced Technology Vehicles Manufacturing (ATVM) program, has given Li-Cycle a conditional commitment for a $375 million loan. Li-Cycle, which specializes in lithium-ion battery resource recovery, plans to use the loan to build North America’s first commercial hydrometallurgical resource recovery facility. The plant will be located in Rochester, New York. The loan, which is subject to documentation of long-form agreements and certain conditions, has a term of 12 years and the interest rate will be the 10-year U.S. Treasury Rates from the date of each advance for the loan.
In a recent quote, Ajay Kochhar, Li-Cycle Co-Founder, President and Chief Executive Officer, said, “We are delighted to receive the first conditional commitment from the DOE LPO for a resource recovery facility, as it further supports our efforts to create a sustainable domestic supply chain of battery-grade materials in the U.S. and to grow American jobs. The Rochester Hub is a cornerstone asset for Li-Cycle and its stakeholders and will be an important contributor to the clean energy economy. As a sustainable pure-play battery material recycling company, we expect the Rochester Hub will position Li-Cycle as a leading domestic producer of recycled battery-grade materials for accelerating electrification demand to address climate change and secure energy independence.”