Li-Cycle has been granted a $375 million conditional loan to develop its lithium recycling hub in Rochester, New York.
also received a conditional loan approval from DOE for $2 billion. That money will be used to construct a new recycling factory in Nevada.Li-Cycle uses an innovative vertically integrated two-step lithium-ion battery recycling and resource recovery process. This Spoke & Hub business model supports the building of localized supply chains for battery grade materials to accelerate the clean energy transition.
The conditional loan commitment follows extensive DOE technical, market, financial, and legal due diligence and marks another significant milestone endorsing Li-Cycle’s development of the Rochester Hub, which is the first commercial hydro-metallurgical resource recovery facility in North America. It is the first conditional commitment from the ATVM program for a sustainable battery materials recycling company and the program’s main support for the lithium ion battery recycling industry.
“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,” said Ajay Kochhar, Li-Cycle co-founder and CEO. “The Rochester Hub is a cornerstone asset for Li-Cycle and its stakeholders and will be an important contributor to the clean energy economy.
“$375 million will now supercharge Li-Cycle here in Rochester, with 270 good-paying jobs, to become one of America’s largest suppliers of recycled materials for batteries. Last year, I stood alongside Li-Cycle’s powerhouse workforce and promised I would push to deliver federal funding to spark more growth, and now thanks to the investments I secured in the Inflation Reduction Act, Rochester will help power America’s drive to lead in battery technology,” said Senator Charles Schumer.
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