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Energy Storage

Li-Cycle closes on government-backed loan

by Matt Blois
November 18, 2024 | A version of this story appeared in Volume 102, Issue 36
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Most Popular in Energy

 

Li-Cycle has closed on a $475 million loan backed by the US Department of Energy. The company had planned to use the loan to fund a plant near Rochester, New York, that would convert used batteries into battery precursors. But high construction costs forced Li-Cycle to scale back its project in 2023. The firm will now sell an intermediate product to the commodity trading firm Glencore. The loan is $100 million more than the DOE’s original commitment. Donald Trump essentially froze this DOE program during his first term as US president, and analysts say he may do so again in his second term.

Chemical & Engineering News
ISSN 0009-2347
Copyright © 2025 American Chemical Society

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