SEATTLE (Recycling Monster): Li-Cycle, the leading North American lithium-ion battery recycler, announced that it has entered into a conditional commitment for $375 million loan with the U.S. Department of Energy Loan Programs Office through the latter’s Advanced Technology Vehicles Manufacturing (ATVM) program.

The loan commitment represents another important milestone endorsing the company’s ongoing development of the Rochester hub facility, regarded as first commercial hydrometallurgical resource recovery facility in entire North American region. Also, this is the first time the DOE ATVM program has made commitment for a sustainable pure-play battery materials recycling company.

The loan remains subject to documentation of long-form agreements and satisfaction of certain conditions, which are expected to happen in the current calendar year itself. The term of the loan will be up to 12 years from financial close. Also, the interest on the Loan will be the 10-year U.S. Treasury Rates from the date of each advance for the Loan.

Ajay Kochhar, Li-Cycle Co-Founder, President and Chief Executive Officer said that the company is delighted to receive the first conditional commitment from the DOE LPO. The Rochester Hub is a cornerstone asset for Li-Cycle, he added.