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
Midstream M&A Adjusts After E&Ps’ Rampant Permian Consolidation
2024-10-18 - Scott Brown, CEO of the Midland Basin’s Canes Midstream, said he believes the Permian Basin still has plenty of runway for growth and development.
Analyst: Is Jerry Jones Making a Run to Take Comstock Private?
2024-09-20 - After buying more than 13.4 million Comstock shares in August, analysts wonder if Dallas Cowboys owner Jerry Jones might split the tackles and run downhill toward a go-private buyout of the Haynesville Shale gas producer.
Aethon, Murphy Refinance Debt as Fed Slashes Interest Rates
2024-09-20 - The E&Ps expect to issue new notes toward redeeming a combined $1.6 billion of existing debt, while the debt-pricing guide—the Fed funds rate—was cut on Sept. 18 from 5.5% to 5%.
Dividends Declared Sept.16 through Sept. 26
2024-09-27 - Here is a compilation of dividends declared from select upstream, midstream and service and supply companies.
CEO: Breakwall Providing Capital as RBLs ‘Materially’ Decrease
2024-10-09 - Breakwall Capital is stepping in to bridge the gap from the historic days of reserve-based lending, Breakwall Managing Partner and co-CEO Jamie Brodsky said at Hart Energy's Energy Capital Conference in Dallas.
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.