ROCHESTER, N.Y. (WROC) — Li-Cycle announced Thursday it finalized a $475 million loan with the U.S. Department of Energy in what officials are calling a major step forward for its Rochester Hub. According to the battery-recycling company, the loan agreement, which is a first for a company of this kind, is for $100 million more than what was initially approved. Construction of the Rochester Hub was put on pause in late 2023 as the company reportedly dealt with ballooning construction costs. The estimated total for the project now sits at approximately $960 million. In the end, the construction alone is expected to create around 825 jobs. Company leaders added they anticipate it to generate about 200 more permanent ones. Just last week, the company announced it began a partnership with Swedish company, Glencore, which has already invested millions into Li-Cycle. Li-Cycle enters commercial agreement with Glencore to buy product from Rochester Hub While Thursday’s announcement is considered a positive step forward for company leaders, they admit there’s still a long way to go. “The Company is actively exploring financing and strategic alternatives for a complete funding package needed to restart the construction of the Rochester Hub (of which the DOE Loan Facility is a key component) and for general corporate purposes,” Li-Cycle announced.