Li-Cycle plans to start commissioning its US$485-million Rochester Hub in western New York late this year
with a US$375-million loan to help it complete North America’s first major recycled battery-grade lithium project, the company said on Monday.
The company said the U.S. DOE’s Loan Programs Office has conditionally committed to the financing through its Advanced Technology Vehicles Manufacturing program. The program is being funded with US$3-billion over the next five years as part of President Joe Biden’s Inflation Reduction Act. Much of the funding in that legislation is directed at climate-friendly technology.
The company’s circular-economy strategy involves using its own technology to recycle battery materials, including those from electric vehicles and energy storage. It has four North American supply “spokes” to feed its Rochester Hub, with processing capacity of more than 50,000 tonnes of lithium-ion battery material annually, it said.
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