Why Li-Cycle Holdings (LICY) Shares Are Gaining Today - Li-Cycle Holdings (NYSE:LICY)

Li-Cycle Holdings Corp LICY has entered into a conditional commitment for a $375 million loan with the U.S. Department of Energy (DOE) Loan Programs Office (LPO) through Advanced Technology Vehicles Manufacturing (ATVM).
The conditional commitment endorses Li-Cycle's development of the first commercial hydrometallurgical resource recovery facility in North America, located near Rochester, New York.
This is the first conditional commitment from the DOE ATVM program for a sustainable pure-play battery materials recycling company.
The Rochester Hub is expected to become a significant domestic source of battery-grade materials, including lithium, nickel and cobalt, and will be the first-of-its-kind commercial facility in North America.
The loan will have a term of up to 12 years from financial close, and interest on the loan will be the 10-year U.S. Treasury Rates from the date of each advance for the loan.
“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,” said CEO Ajay Kochhar.
Price Action: LICY shares are trading higher by 14.11% at $6.47 on the last check Monday.

Li-Cycle Stock Powers Up Following $375M Government Loan Commitment