The financial boost will help Canada’s battery recycling company restarts its Rochester hub projectfunding the expansion of a lithium-ion battery resource recovery facility in Rochester. The expansion is expected to create up to 825 construction jobs and more than 200 permanent jobs at the facility once complete, Li-Cycle said.

In addition to the new loan agreement, Li-Cycle announced: a $75 million investment from Glencore at the beginning of this year. Glencore is a manufacturer, recycler and marketer of nickel and cobalt lithium-ion batteries.

“Today, we are pleased to announce the achievement of this significant milestone, which we believe represents a strong vote of confidence in Li-Cycle’s patented and environmentally friendly recycling technology and business model. Securing the DOE loan facility through our close collaboration with the DOE is a critical step toward our goal of restarting construction on the Rochester Hub project,” said Ajay Kochhar, President and CEO of Li-Cycle.