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.
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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.
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