Lithium-ion battery recycler Li-Cycle has secured a US$475m loan from the US Department of Energy (DoE), the first ever granted for a materials recycling company of its kind. According to Li-Cycles’ 7 November 2024 press release, the DoE loan will consist of a US$445m principal and US$30m in capitalised interest.
Construction of the company’s processing facility in Rochester, New York, was paused in October 2023 amid escalating costs. Securing federal support was therefore a vital lifeline for saving the project from disintegration. When fully operational, Li-Cycle’s plant will produce 8,250 tonnes of lithium carbonate and 72,000 tonnes of mixed hydroxide precipitate, which contains nickel and cobalt that can be used for lithium-ion production.