Lithium-ion battery recycling company Li-Cycle scores $375 million conditional loan from Energy Department for Rochester plant
Publishing timestamp: 2023-02-27 06:30:01
Summary
Li-Cycle, a lithium-ion battery recycling company, has secured a conditional loan of $375 million from the Department of Energy to develop a recycling facility for key battery materials near Rochester, New York. The facility will be able to process batteries from 200,000 electric vehicles annually and produce 8,500 tonnes of lithium carbonate, as well as nickel sulphate and cobalt sulphate. The loan is subject to certain conditions and is expected to close during the second quarter. Li-Cycle went public in August 2021 and has received strategic investments from Glencore, Koch Strategic Platforms and LG Chem.
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