The U.S. Department of Energy (DOE) has extended a conditional loan of $375 million to Canadian battery recycler Li-Cycle Holdings Corp., to construct a hub in Rochester, New York, the company announced Monday.
The loan will be disbursed through the DOE’s Advanced Technology Vehicles Manufacturing (ATVM) Program, and is part of the Biden administration’s wider goal of enhancing domestic battery manufacturing and having half of all new vehicles be zero-emission by 2030, according to the DOE Monday. Democratic Senate Majority Leader Chuck Schumer of New York — who visited Li-Cycle’s Rochester hub in September — advocated for the firm to receive federal funding, Reuters reported.
“Last year, I stood alongside Li-Cycle’s powerhouse workforce and promised I would push to deliver federal funding to spark more growth, and now thanks to the investments I secured in the Inflation Reduction Act, Rochester will help power America’s drive to lead in battery technology,” Schumer said in the company’s press release. “This DOE investment in Li-Cycle will reduce our reliance on China and strengthen America’s battery supply chain.”