Li-Cycle closes on government loan

Li-Cycle has closed on a $475 million loan backed by the US Department of Energy. The company had planned to use the loan to fund a plant near Rochester, New York, that would convert used batteries into battery precursors. But high construction costs forced Li-Cycle to scale back its project in 2023. The firm will now sell an intermediate product to the commodity trading firm Glencore. The loan is $100 million more than the DOE’s original commitment . Donald Trump essentially froze this DOE program during his first term as US president, and analysts say he may do so again in his second term .