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.
(RELATED: Battery Industry Is Already Calling For More Handouts In Order To Compete With China) “Last year, I stood alongside Li-Cycle`s powerhouse workforce and promised I would push to deliver federal funding to spark more growth, and now thanks to the investments I secured in the Inflation Reduction Act, Rochester will help power America`s drive to lead in battery technology,” Schumer said in the company`s press release.
” The loan is the fifth ATVM loan announced in the past year, and the program still has roughly $50 billion in additional loaning authority remaining, according to the DOE.
Most recently, the program authorized a $2 billion conditional loan to Redwood Materials, a battery materials company founded by Tesla co-founder J.
President Joe Biden`s signature Inflation Reduction act appropriated an additional $3 billion to the ATVM and removed cap on loans, according to The White House.
“As a sustainable pure-play battery material recycling company, we expect the Rochester Hub will position Li-Cycle as a leading domestic producer of recycled battery-grade materials for accelerating electrification demand to address climate change and secure energy independence.
https://dailycaller.com/2023/02/27/biden-admin-375-million-loan-lithium-schumer/
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