A lithium-ion battery for an electric vehicle. (Source: Shutterstock)
The U.S. Department of Energy (DOE) announced Nov. 7 the closing of a $475 million loan to Li-Cycle toward construction of a lithium-ion battery resource recovery facility.
The project, located in Rochester, New York, will use recycled materials to support the production of up to 180,000 electric vehicles (EV) annually.
This quantity of EVs would reduce gasoline use by up to 71 million gallons per year, equivalent to more than 633,000 metric tons of CO2 emissions annually, according to the DOE’s press release.
Li-Cycle said it plans to aggregate source material—including end-of-life lithium-ion batteries and battery manufacturing scrap—and process it into a feedstock called “black mass” at three distribution centers across North America: in Rochester, New York; Gilbert, Arizona; and Tuscaloosa, Alabama.
The black mass will then be sent to the Rochester facility, which Li-Cycle expects to be a significant source of recycled battery-grade lithium carbonate in North America.
RELATED
US Gives Battery Sector up to $3.5 Billion Boost
In February 2023, the DOE’s Loan Programs Office announced the conditional commitment for the loan to Li-Cycle, which consists of $445 million of principal and $30 million of capitalized interest, the release stated.
Recommended Reading
Oxy CEO Sheds Light on Powder River Basin Sale to Anschutz
2024-11-14 - Occidental is selling non-core assets in the Lower 48 as it works to reduce debt from a $12 billion Permian Basin acquisition.
Hollub: Oxy Low Carbon Ventures Bolsters US Energy Independence
2024-11-18 - Occidental Petroleum is making a number of low-carbon moves in the Permian—a maneuver that will bolster the U.S.' energy independence, CEO Vicki Hollub told Hart Energy in an exclusive interview.
Exclusive Occidental, CrownRock Merge Into Team of Overachievers
2024-12-10 - Thaimar Ramirez, president and general manager for Occidental Petroleum’s Midland Basin Business Unit, said 100 days after closing the CrownRock acquisition production guidance keeps going higher.
California Mergin’: CRC-Aera Combination Creates Golden State Scale
2024-10-17 - CRC President and CEO Francisco Leon believes the state needs to bolster its own oil and gas production—not all citizens and lawmakers agree.
Boosted by Oxy Deal, Permian Resources Expects to Grow in Delaware
2024-11-21 - Permian Resources Co-CEO Will Hickey expects more growth in the Delaware Basin thanks to his company’s advantageous cost structure.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.