The US Energy Department on Monday said it will lend Li-Cycle Holdings Corp $375 million as it builds a battery recycling facility in New York set to become one of the country’s largest sources of lithium by next year.
The loan is the latest move by Washington to spur the development of a domestic electric vehicle supply chain, with greater battery recycling capacity seen as crucial to meeting President Joe Biden’s goal for half of new US vehicles to be electric by 2030.
Li-Cycle’s Rochester, New York, processing facility is slated to open later this year at a cost of roughly $485 million. Li-Cycle, which counts mining giant Glencore Plc as one of its largest shareholders, has the funds to pay for the Rochester facility, so the loan will help the company expand elsewhere.
The company has developed a network of facilities in Arizona, Alabama and Ontario that produce black mass, which is essentially shredded battery parts. The Rochester facility will break down that black mass into lithium and other metals.
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