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...
