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The U.S. Department of Energy’s (DOE) Loan Programs Office (LPO) today announced a conditional commitment to Li-Cycle US Holdings, Inc. (Li-Cycle) for a $375 million loan to help finance the construction of a first-of-its-kind lithium-ion battery resource recovery facility in Greece, NY, just west of Rochester.
The Li-Cycle facility will use a technique called hydrometallurgical recycling to efficiently recover battery-grade lithium carbonate, cobalt sulfate, nickel sulfate, and other critical materials from manufacturing scrap materials and used batteries. Li-Cycle’s hydrometallurgical process will recover these critical battery materials with high efficiency and with low energy use, operational costs, and emissions. The final product will be a U.S.-made supply of battery-grade critical materials.
If issued, the loan will help Li-Cycle—already North America’s largest lithium-ion sustainable pure-play battery recycler—further expand its operations to support the battery needs of approximately 203,000 electric vehicles (EVs) annually. The fleet of EVs projected to be supported by the new facility's output are expected to reduce gasoline use by about 80.6 million gallons per year, equivalent to more than 716,000 tons of CO2 emissions annually. The project is also anticipated to create more than 1,000 construction jobs and 270 permanent operations jobs once the facility is fully operational.
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