Li-Cycle receives $375 million loan from U.S. Department of Energy

March 7, 2023
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 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.”

Sponsored Recommendations

Arc Flash Prevention: What You Need to Know

March 28, 2024
Download to learn: how an arc flash forms and common causes, safety recommendations to help prevent arc flash exposure (including the use of lockout tagout and energy isolating...

Reduce engineering time by 50%

March 28, 2024
Learn how smart value chain applications are made possible by moving from manually-intensive CAD-based drafting packages to modern CAE software.

Filter Monitoring with Rittal's Blue e Air Conditioner

March 28, 2024
Steve Sullivan, Training Supervisor for Rittal North America, provides an overview of the filter monitoring capabilities of the Blue e line of industrial air conditioners.

Limitations of MERV Ratings for Dust Collector Filters

Feb. 23, 2024
It can be complicated and confusing to select the safest and most efficient dust collector filters for your facility. For the HVAC industry, MERV ratings are king. But MERV ratings...