Canadian battery recycling company Li-Cycle has received a loan of up to 475 million US dollars from the US Department of Energy. The money is intended to support the development of the Rochester Hub project in upstate New York as North Americaʼs first commercial hydrometallurgical recycling facility for lithium-ion batteries.
Total cost of 960 million dollars
It is planned to annually produce up to 8,250 tons of lithium carbonate and up to 72,000 tons of mixed hydroxide precipitate, an intermediate product containing nickel, cobalt, and manganese. The total estimated cost of the project to completion is approximately 960 million dollars.
Evaluating further financing options
Li-Cycle claims it wants to resume the suspended construction of the Rochester Hub once full funding is in place. However, there is currently a funding gap of approximately 487 million dollars for completion of the project. While no specific timeline has been announced, Li-Cycle is currently evaluating other financing and strategic options to continue work on the Rochester Hub.
