Li-Cycle's Rochester, N.Y., processing facility is slated to open later this year at a cost of roughly US$485 million.
The U.S. Department of Energy on Monday said it will lend Li-Cycle Holdings Corp $375 million as it builds a battery recycling facility in New York set to become one of America's largest sources of lithium by next year.
"One of the benefits of recycling is it can bring metals to market more confidently than some of the mining companies that take a bit longer to go from the identification of the resource to full production," Jigar Shah, head of the Energy Department's Loan Programs Office, told Reuters. U.S. Senator Chuck Schumer, D-N.Y., who serves as Senate majority leader, had long advocated for Li-Cycle to receive the funding.
"What this does for us, is further accelerate our work and open up optionality to do other things," said Li-Cycle CEO Ajay Kochhar.
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