Shares of Li-Cycle Holdings Corp. (NYSE: LICY) soared by more than 10% in morning trading on Monday after the U.S. Energy Department stated on Monday that it will lend LICY $375 million to build a battery recycling facility in New York.
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The loan was in review for more than a year and it will have a term of 12 years and an interest rate matching the 10-year U.S. Treasury rate. The funds are expected to be issued by July.
The company’s processing facility in Rochester, New York is likely to open later this year at a cost of around $485 million.
Analysts are cautiously optimistic about LICY stock with a Moderate Buy consensus rating based on four Buys, one Hold and one Sell.
