The U.S. Energy Department has agreed to lend the Toronto-based battery-recycling firm US$100 million more than it originally pledged in February 2023. While waiting for the funds, Li-Cycle had to pause construction on its recycling hub in Rochester, N.Y., which has sat idle for more than a year. (The Logic)
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The U.S. Energy Department has agreed to lend the Toronto-based battery-recycling firm US$100 million more than it originally pledged in February 2023. While waiting for the funds, Li-Cycle had to pause construction on its recycling hub in Rochester, N.Y., which has sat idle for more than a year. (The Logic)
Talking point: The firm still needs to meet certain conditions to get the first tranche of the loan, including raising additional money to pay off incurred expenses on the recycling plant. Still, the news Thursday—which accompanied a strong earnings report—sent Li-Cycle’s share price soaring over 50 per cent in after-hours trading. It’s a stark contrast to a day earlier, when its stock fell nearly 30 per cent on news of Donald Trump’s presidential win. Trump is expected to slash funding for clean energy projects. Sources in Rochester told The Logic this spring that they doubted a second Trump administration would offer the same level of support to companies like Li-Cycle as its predecessor.
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