US DOE to loan $375m to battery recycler Li-Cycle

March 8, 2023

The US Department of Energy (DOE) Loan Programs Office has entered into a “conditional commitment” for a $375 million loan to lithium-ion battery resource recovery and recycling company Li-Cycle.

The funding will be used to develop the “first commercial hydrometallurgical resource recovery facility in North America”, located near Rochester, New York, a Li-Cycle statement said.

The loan will have a term of up to 12 years from financial close, and interest on the loan will be the 10-year US Treasury Rates from the date of each advance for the loan.