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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
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.
…
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
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.
…