Li-Cycle Gets $375 Million Government Loan As It Builds Battery Recycling Plant In New York | Carscoops carscoops
after prominent recycler Li-Cycle entered into a conditional commitment for a $375 million loan from the U.S. Department of Energy Loan Programs Office.
Li-Cycle will open the doors to its $485 million processing facility in Rochester, New York later this year having already secured the necessary funds to do so. It will then use the loan to expand the company elsewhere. Li-Cycle confirmed in a press release that the loan has a 12-year term and an interest rate matching the 10-year U.S. Treasury rate.
“$375 million will now supercharge Li-Cycle here in Rochester, with 270 good-paying jobs, to become one of America’s largest suppliers of,” Senator Charles Schumer said. “Last year, I stood alongside Li-Cycle’s powerhouse workforce and promised I would push to deliver federal funding to spark more growth, and now thanks to the investments I secured in the Inflation Reduction Act, Rochester will help power America’s drive to lead in battery technology.
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