Li-Cycle enters into conditional loan commitment with US Department of Energy of $375M

Li-Cycle which is building one of the first hydrometallurgical plants for lithium-ion battery recycling in Rochester, New York, in the United States.

The company says: "Receiving the conditional commitment is a significant step in the lending process and reflects the DOE’s intent to finance the project; however, the Loan remains subject to documentation of long-form agreements and certain conditions will have to be satisfied prior to closing, which is currently expected to occur in calendar Q2 2023. "

The loan which is almost double the size of Li-Cycle's initially announced investment in the plant of $175M and will, if finally approved, follow several large cash injections from companies like Glencore, LG Chem, LG Energy Solutions after the company went public in a SPAC merger in 2021.

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