On Monday, the U.S. Energy Department announced that Li-Cycle Holdings Inc. would receive a $375 million loan while it constructs a battery recycling facility in New York that will, by the end of the year, rank among the nation's major producers of lithium.
Increased battery recycling capacity is thought to be essential to achieving President Joe Biden's objective of having half of all new vehicles in the United States be electric by 2030. The loan is the latest effort by Washington to encourage the development of a domestic electric vehicle supply chain.
According to Jigar Shah, director of the Energy Department's Loan Programs Office, "one of the benefits of recycling is that it can deliver metals to market more confidently than some of the mining firms that take a little longer to go from the identification of the resource to full production."
When funds are released, which is anticipated in July, the loan, which has a 12-year term and an interest rate matching the 10-year U.S. Treasury rate, will be made available. The financing for Li-Cycle has long been supported by Democratic U.S. Senator Chuck Schumer from New York, who also serves as the majority leader of the Senate.
According to Jigar Shah, director of the Energy Department's Loan Programs Office, "one of the benefits of recycling is that it can deliver metals to market more confidently than some of the mining firms that take a little longer to go from the identification of the resource to full production."
When funds are released, which is anticipated in July, the loan, which has a 12-year term and an interest rate matching the 10-year U.S. Treasury rate, will be made available. The financing for Li-Cycle has long been supported by Democratic U.S. Senator Chuck Schumer from New York, who also serves as the majority leader of the Senate.
The business has established a network of factories in Arizona, Alabama, and Ontario that create black material, or, more precisely, black mass made up of shredded battery parts. The dark substance will be converted into lithium and other metals in the Rochester facility.
As the factory starts up in 2024, Li-Cycle hopes to generate 8,500 tonnes of lithium carbonate annually, making it one of the major producers of battery metal in the United States.
In the last month, the Energy Department has agreed to lend $2 billion to Redwood Materials, a competitor of Li-Cycle, and $700 million to Ioneer Ltd.'s Rhyolite Ridge lithium mining project.
The tamilgun is a free public website that allows you to search for guides and it is sharing information about the business, education, finance and technology.