The Finger Lakes region is set to see a boost in its economy with the arrival of 270 new jobs, thanks to a multimillion-dollar investment in lithium. Li-Cycle, a lithium-ion battery recycler located at Eastman Business Park, is the beneficiary of a $375 million loan from the U.S. Department of Energy, which will make it one of the largest suppliers of materials for batteries in the country.
The loan is expected to help Li-Cycle provide batteries for more than 200,000 electric vehicles annually. This investment is a significant step towards achieving the government’s goal of shifting towards electric vehicles, which are considered to be a more sustainable alternative to gas-powered cars.
Li-Cycle President Ajay Kochhar emphasized the importance of the Eastman Business Park site for the company’s operations. With its readily available steam, power, and different gases, the site is ideal for Li-Cycle’s plug-and-play business model. This will allow for a more capital-efficient operation while benefiting from the support of the community.
The investment is expected to create an additional 1,000 construction jobs in the Rochester area, providing a much-needed boost to the local economy. The investment in lithium and the move towards more sustainable energy sources are vital steps towards building a greener future.
With this loan, Li-Cycle can strengthen its position in the market and continue to innovate in battery recycling. By doing so, it can contribute to the shift towards more sustainable energy and mobility solutions.
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