The US Department of Energy (DOE) is investing in the future of clean energy with a $375 million loan to Li-Cycle, a lithium-ion battery recycling company. The loan will help construct North America’s first commercial lithium-ion battery resource recovery facility in Rochester, New York.
Li-Cycle is already North America’s largest lithium-ion sustainable pure-play battery recycler, and the DOE loan will enable the company to expand its operations. The Rochester Hub will become a significant US source of battery-grade materials, including lithium, nickel, and cobalt. At peak construction, the Rochester Hub is expected to create more than 1,000 construction jobs, and once it’s fully online, it will support around 270 permanent operations jobs.
The Biden administration’s Inflation Reduction Act has triggered a surge in companies opening clean energy manufacturing facilities in the US. Senator Chuck Schumer (D-NY) said today: “This DOE investment in Li-Cycle will reduce our reliance on China and strengthen America’s battery supply chain. And once the facility is at full steam, it is projected to be the biggest source of lithium carbonate in the United States.”
The loan is expected to close in second quarter 2023, and Li-Cycle expects construction of its Rochester factory to be complete this year. With this investment, the DOE is helping to ensure that the US has a reliable source of battery materials for the 203,000 EVs that will be on the road each year.
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