The U.S. Department of Energy is providing Li-Cycle Holdings Corp. with a US$375-million loan to help it complete North America’s first major refinery for recycling battery-grade lithium, a major step in the Toronto-based company’s growth plans, it said on Monday.
Li-Cycle plans to start operations at its US$485-million Rochester processing hub in Western New York late this year. The project, located in Greece, N.Y., a suburb of Rochester, will include a plant that will use the company’s hydrometallurgical system to process up to 35,000 tonnes of black mass – e-waste from crushed and shredded battery cells – per year, for use in new lithium-ion batteries. That is equivalent to about 18 gigawatt-hours of battery capacity.
The company said in a statement that the U.S. DOE’s Loan Programs Office has conditionally committed to the financing through its Advanced Technology Vehicles Manufacturing (ATVM) program, which provides loans for manufacturing eligible cars and trucks that meet the department’s standard of fuel efficiency, or components that go into them.
The program is being funded with US$3-billion over the next five years as part of President Joe Biden’s Inflation Reduction Act.
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