Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

OKIsItJustMe

(20,760 posts)
Thu Nov 7, 2024, 06:54 PM Nov 7

Reuters Exclusive: Washington seals $475 million loan for battery recycler Li-Cycle ahead of Trump's arrival

Exclusive: Washington seals $475 million loan for battery recycler Li-Cycle ahead of Trump's arrival
By Ernest Scheyder
November 7, 2024 4:13 PM EST

Summary
  • Energy Dept funding key to Li-Cycle's US recycling plans
  • Biden officials had rushed to close ahead of Trump's return
  • Upstate NY plant would be one of the largest US sources of lithium
  • Loan includes principal and capitalized interest
  • Company now needs to secure private financing
Nov 7 (Reuters) - The U.S. Department of Energy on Thursday finalized a $475 million loan for Li-Cycle Holdings (LICY.N) giving the metals recycler a financial lifeline to build a New York battery processing facility seen as key to outgoing President Joe Biden's vision for a domestic electric vehicle supply chain.

The long-awaited loan, which is $100 million higher than provisionally announced early last year, will keep the Glencore-backed (GLEN.L) company alive as it works to expand the recycling of batteries that are increasingly powering Americans' everyday lives, ranging from everyday electronics to EVs.

The loan for the plant, which would be one of the largest U.S. sources of the battery metal lithium, also cements a key part of Biden's climate agenda, ensuring the company receives government financial support regardless of any steps that President-elect Donald Trump may take when he assumes office in January.

Concerns that Trump could try to slow Washington's financial support for the renewable energy transition have spooked investors since his Tuesday victory. While Trump is not expected to be able to stop that transition, Biden officials are quickly moving to close loans and approve projects before January.

Latest Discussions»Issue Forums»Environment & Energy»Reuters Exclusive: Washin...