Li\u002DCycle Holdings Corp. signs conditional deal for a U.S. government loan to help build a battery minerals recycling plant. Read on
Corp.’s Rochester factory, which is scheduled to open in late 2023. Li-Cycle says its New York operation will produce about 8,500 tonnes of lithium carbonate, 48,000 tonnes of nickel sulphate and 7,500 tonnes of cobalt sulphate annually through recycling spent batteries.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
The investment in Li-Cycle comes at a time when Western nations are looking to shift away their supply chains from China, which dominates the electric vehicle industry, towards friendlier nations. The demand for critical minerals such as lithium and copper have been on the rise as countries look for ways to transition away from fossil fuels and meet their climate goals.
Last year, President Joe Biden signed the Inflation Reduction Act, legislation that commits to spending hundreds of billions of dollars to jumpstart the shift to a greener economy. Among the incentives is a provision that states that EVs containing batteries assembled in North America and made up of critical minerals sourced from the region could receive US$7,000 worth of tax credits.
Schumer indicated that Li-Cycle was able to receive the loan due to investments he “secured” thanks to the Inflation Reduction Act, although he didn’t elaborate. Ajay Kocchar, Li-Cycle’s chief executive,that the company was “delighted” at the commitment shown from the U.S. government and said he expects the New York facility to play a key role in the clean energy economy.
Kocchar, however, referred to the proposed deal as a conditional commitment, as the loan remains subject to conditions and “long-form agreements” that weren’t explained in the company’s press release. Li-Cycle said it expects the deal to close in the second quarter of 2023.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Toronto-based Li-Cycle gets conditional commitment for US$375-million U.S. Departent of Energy loanLi-Cycle plans to start commissioning its US$485-million Rochester Hub in western New York late this year
Read more »
Province injects $500 million into B.C. Ferries in effort to keep annual fare jumps below 3%Report had forecast possible annual fare increases above 10%.
Read more »
Province injects $500 million into B.C. Ferries in effort to keep annual fare jumps below 3%Report had forecast possible annual fare increases above 10%.
Read more »
Province injects $500 million into B.C. Ferries in effort to keep annual fare jumps below 3%Report had forecast possible annual fare increases above 10%.
Read more »
Twitter lays off 10% of current work forceAt least 200 employees were laid off in the latest round of job cuts since Elon Musk took over the social media platform
Read more »
Alberta signs $24B, 10-year health-care funding deal with OttawaBREAKING: Alberta has become the latest province to sign an agreement in principle with Ottawa on health-care funding.
Read more »