From ESS News
In a win for the US battery recycling sector, Li-Cycle Holdings announced that it has secured a $475 million loan facility from the US Department of Energy’s (DOE) Loan Programs Office.
This landmark financing will support the development of Li-Cycle’s facility in New York state dubbed its Rochester Hub, which the company said would become North America’s first “commercial hydrometallurgical resource recovery facility.”
It would then become a significant domestic source of recycled critical materials for producing lithium-ion batteries, including battery-grade lithium carbonate and mixed hydroxide precipitate or MHP. MHP is an intermediate product containing nickel, cobalt, and manganese metals.
The DOE Loan Facility, which includes up to $445 million in principal and $30 million in capitalized interest, represents the first time the agency has provided financing to a lithium-ion battery recycler. This signals the DOE’s recognition of Li-Cycle’s pivotal role in building a sustainable, domestically-sourced battery supply chain.
“Securing the DOE Loan Facility is a strong endorsement of Li-Cycle’s recycling technology and its importance to the electrification transition,” said Ajay Kochhar, Li-Cycle’s President and CEO. “This financing will enable us to advance the Rochester Hub, which will be a significant domestic source of critical battery materials.”
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