Good morning, everyone, and a very warm welcome to everyone here. Thank you for being here on this momentous day for Li-Cycle. My name is Debbie Simpson, Li-Cycle's Chief Financial Officer. In just a few moments, we'll be announcing significant news about our flagship Rochester Hub facility. First, on behalf of Li-Cycle, I'd like to thank our distinguished guests for joining us today in our amazing new warehouse facility here at our Hub location. A warm welcome to U.S. Senate Majority Leader, Charles E. Schumer, Congressman Joe Morelle. Jigar Shah, Director of Loan Programs Office at the U.S. Department of Energy. And Doreen Harris, NYSERDA President and CEO. I'd also like to thank Li-Cycle's partners, board members, employees, and family who are joining us here today in person and virtually.
Now it is my pleasure to welcome US Senate Majority Leader Charles Schumer to the podium to officially announce the exciting news. Senator Schumer, Senator Schumer has been a leading champion of clean tech in the Senate and a strong supporter of Li-Cycle and all our efforts here in Rochester. Senator Schumer.
Well, good morning, everybody. Is this a great day? It's a great day for Li-Cycle and its employees. It's a great day for Rochester and the Finger Lakes area. It's a great day for America as we really start moving to a new economy focused in large part on many of the businesses that are coming and growing in Upstate New York in the Rochester area. It's a great day. You can feel the excitement in the air. It's electric. Now they're supposed to play the Electric Slide music. I remember that, don't you? Anyway, just five short months ago, I stood here at Li-Cycle alongside its workers and announced my push to deliver federal funding made possible by the Inflation Reduction Act that had just been signed into law. I shepherded it through the Senate as Majority Leader.
What we said we would do is try to get that Inflation Reduction Act to help fund jobs right here at Eastman Business Park in the heart of Rochester. Today, I'm proud to say a promise made is now a promise kept. $375 million of promise kept. I'm proud to announce that thanks to my push, and I wanna thank Joe Morelle as well, we've secured $375 million to supercharge Li-Cycle to grow here in Rochester and create 270 new jobs. These are good-paying jobs, and the best thing about them is they're jobs with a future, 'cause this company is gonna grow and grow and grow.
If you're a young person out of college or anywhere else, and you get a job here, you know it's not gonna be, Oh, God, how long will this one last? It's gonna be here for a long, long time because what Li-Cycle does is so important. It also means 1,000 new construction jobs. We are telling our friends at Li-Cycle we want as many of them to be good union paid jobs as possible. We believe in union labor here in Rochester 'cause it's good-paying jobs. Now, with this major loan made possible by our Inflation Reduction Act, passed last year, Li-Cycle and its upcoming 270 employee Rochester workforce will lead the way to make Upstate New York America's next hub for battery material manufacturing. Is that incredible?
Let's see here. My staff always gets me... Where's the sign? Okay. Okay, this. See these little jars? The one on the right is lithium, the one on the left is cobalt. These two jars power Rochester's future to deliver the 275 million jobs. Even more important, it makes America, helps make America the center of electric car and electric battery production in the world. We no longer wanna let another country, China or anywhere else, become the leader in these cutting-edge technologies and needs. By employing the kind of great technology that Li-Cycle uses, we're gonna ensure it be in America. Let me explain to those out in the audience here why this is important. To use electric batteries, you need certain rare materials, and they're not very available. They're not very available in the United States.
If a country like China, which has tried to corner the market in lithium or cobalt, closes off those materials, we might not be able to make the electric cars that our IRA Act says we're gonna do. We know that's the future. But, what Li-Cycle does is it takes old batteries that have used the lithium, takes the rare earths and other chemicals out of those batteries, recycles them, and makes them available for new cars. This is an ongoing business that will get bigger and bigger and stronger and stronger as there are more and more electric cars. Remember, our legislation says, "Make it in America". That's just what Li-Cycle does. It makes these new materials, these new chemicals, the lithiums, the cobalts. There's a whole bunch of other ones here. One's called black mass.
You could wonder what that means. In any case, all these kinds of materials that are so needed. DOE projects, Department of Energy, that with this investment, Li-Cycle is going to become... Listen to this. Li-Cycle is going to become the largest supplier of lithium carbonate in all of America right here in Rochester, New York. That means Rochester-made materials will power an entire new generation of U.S.-made electric vehicles and so much more that run on batteries. Throughout the legislation, as Majority Leader, I have a little bit of clout, and I made sure all of it said, "Make it in America". That is benefiting not only Li-Cycle, but all over upstate New York. We have a company in Syracuse, JMA, that makes all the 5G equipment. It's the only American maker of it. We used to import it all.
It's now gonna be made here. They're booming and growing. In fact, my goal is to make upstate New York the center of high tech in the whole country. We've already done it with green hydrogen. Plug Power, I got them to open up here in Rochester. They're from Albany. We have the only green hydrogen manufacturing plant and one of the largest hydrogen facilitator plants in the whole country. Binghamton can become a center for lithium batteries. We have the Nobel laureate who created the lithium battery there, and the lithium that's used here can be made, can be sent right down there to help make batteries there. Of course, Micron in Syracuse has announced the largest chip fab investment in a new factory, $100 billion in the country.
Albany has the great chance to become the center of chip fab research, something called the National Semiconductor Tech Center. There's gonna be one in the country. The majority leader would like it to be in Albany. That matters. We have a lot of great opportunities. Right now, going back here to Li-Cycle, few batteries are made here in America. Batteries and the materials that are in them, lithium, nickel, cobalt, come from overseas, from China and East Asia. That puts us not only at an economic disadvantage, but at an economic and security risk. Frankly, we lost this industry like we lost so many other industries decades ago to overseas companies. Now, when electric vehicles are required to be made in the U.S. with U.S. materials, the U.S. will roar back to life because of work done here by Li-Cycle and Rochester's powerhouse workforce.
Let me say this to the workers here. How many of you work here now? Li-Cycle? Yeah. You folks are the reason this is such a great opportunity. Rochester has one of the most well-educated, hardest-working, dedicated workforces in the country. A recent MIT study said Rochester would be the number one city to grow high-tech industries in the country, and it's 'cause of the workforce. It's 'cause of the great universities we have, both public and private. It's 'cause of the great water supply and electric supply that we have. It helps to have the Majority Leader push these companies come here when they need grants. You put that all together, and we have a tremendous opportunity.
With the lithium and other critical materials that'll be recycled here at this facility, they expect to support the battery needs of 200,003 electric vehicles every single year. Electric vehicles and batteries are gonna be one of the industries that define the next century. GM, Ford, and the overseas companies as well have said they're moving over gradually from internal combustion to electric. We've pushed hard. For instance, I was at the GM factory over on Lexington Avenue a while ago to make sure that our American companies don't lose jobs when they've made the internal combustion engine, but shift them over to electric and keep the jobs here. GM has made a commitment to do that at both Lexington Avenue and at the plant up in Lockport. We're looking on every front.
Let me just say, this wouldn't have happened if we didn't pass the legislation last year. I'm proud that under my leadership as majority leader, we had the most productive session in the Senate and in the Congress in decades, probably since the Great Society. A lot of the focus was to adapt to the new green economy, but to adapt to create good-paying jobs here in America. When we say here in America, I mean across America, but I also have particular focus on Rochester and Upstate New York. That's what's happening. I want to say Joe Morelle played a really important role in getting this done in the House when we passed it in the Senate. Too often, you know, governments and companies are accused of short-term thinking.
Okay, you figure out what's going to happen in the next six months, but what about in the next six years? This company and the future of lithium batteries and electric cars are the long-term future. What we're thinking of is not not jobs that have a short-term life, but have a long shelf life. That I will bet that there will be people in Rochester today who are in their thirties, whose kids will get good-paying jobs here when they get out of high school, when they get out of college, and when they get out of graduate school. It's a national success story that recycling batteries, reducing our reliance on China is happening here in America. It's fitting that Li-Cycle will be doing all of this at the Eastman Business Park.
This Eastman Business Park is a metaphor for what's happened across industrial America and here in the Rochester area. A decade ago, with Kodak having the troubles that it had, there was fear that the park would deteriorate, that it would become a rusted-out eyesore, that parents would drive by, and it would be a bunch of empty buildings and say, "Kids, grandpa once worked there and had a good-paying job, but no one works there anymore." Together with Joe, who was then in the legislature, we brokered a federal agreement to clear the way to attract new companies to come here and set up shop. We had faith that we could do it. Listen to this, there are now 122 companies employing 6,000 workers here at the Eastman Business Park. And with Li-Cycle, there are going to be even more.
Folks, this is the future. It's the future in terms of jobs, it's the future in terms of economic security. It's the future in terms of turning Rochester and Upstate New York once again to the industrial powerhouses that they once were. I'm so proud to be part of this, and I promise you this, as long as I'm Majority Leader, I'm going to continue this fight to continue to do the good things that we need to help the Rochester Finger Lakes area continue to grow with good-paying jobs. Thank you.
Now it's my honor to call on my dear friend. We've worked together even when I was a Congressman and he was Assemblyman a few years back, and he's a great Congressman for the Rochester Finger Lakes area. Always looking out for his constituents and a super great partner to have, Joe Morelle.
Good morning. What an amazing day this is. Let me start where I often start, and that is thanking a dear friend and an amazing partner, and that's Senate Majority Leader Chuck Schumer. Can you give him a huge round of applause? It's hard for people sometimes to understand how important it is to have great partners. It certainly doesn't hurt when your partner in the United States Senate runs the United States Senate. Not only has Chuck been a great friend for many years, and we did work together when I was a junior member of the State Assembly, and he was always checking in about what was going on in Rochester, what can we do to promote the interests of Upstate New York, which he knows better than anyone.
Throughout the years, to have not only a great partner, but really a mentor and a friend and someone who is not shy. I don't think anybody's ever called you shy, have they, Senator? No. They don't call him shy, he's not shy about defending the interests of our community and making certain. Honestly, when I have a conversation with him, whether it's here or in Washington, he knows so much about this region and is so dedicated and committed to it, and always at the front end of knowing what we need to be successful. I am incredibly grateful to you, Senator Schumer.
You said as long as you're Senate Majority Leader, I just hope you're Senate Majority Leader for many, many, many years to come because that will benefit this country, and it certainly benefits the Rochester region. Again, give a warm round of applause to Senator Schumer for his leadership here. I also want to thank from the U.S. Department of Energy, the Loan Programs Office Director, Jigar Shah, for being here today. You can give him a big round of applause. To have helped shepherd with Senator Schumer's support $375 million to an extraordinary company, and someone that I am so grateful to for his leadership. We are on the cutting edge of doing things that need to be done globally to save this planet.
To have the Department of Energy so focused on it and have them here today being represented by the director himself, I'm incredibly grateful, and I know you're going to hear from him in a little bit, but it would be remiss without thanking him so much. To let people know, not only is he someone who works at the Department of Energy, his career as an entrepreneur makes him particularly adept at knowing where we need to make investments for companies that will grow. That private sector experience, I think, adds so much. To the dimension of the work that he's doing. I also want to thank Doreen Harris, who's the President and CEO of NYSERDA. NYSERDA, who I had a long relationship with when I was at the state legislature, has been on the cutting edge of energy research.
I can't think of a time in the history of NYSERDA where its work is more important. Thank you for being here as well. Of course, want to thank Li-Cycle. Ajay, it's great to continue to be with you and this company which continues to grow. Chuck talked about the black mass. I've seen the black mass being made in the Spoke, and now we're building the Hub to transform that black mass into lithium, nickel, and cobalt, and the precious metals that are necessary in the new world. I'm incredibly grateful to them for choosing Rochester, New York. Senator Schumer said we started a long time ago on the transformation of this park, and it was exclusively for days like this. That's what our vision was.
Visions don't come true just by thinking of them. They only come true when you work hard at it, when you bring together government and the private sector, to make sure that we can partner to do the kinds of things that we're doing and announcing today. Ajay, to you and your incredible team, thank you for your confidence in us and your willingness to invest in the Rochester region. I had the privilege of being selected as a member of the House Appropriations Committee not too long ago. One of the subcommittees that I fought to get on was the Energy and Water Development Subcommittee, which is an opportunity to work with the Department of Energy on significant investments in the future and, of course, with our friends in the Senate.
I just want to highlight one thing because I couldn't agree more with Senator Schumer on all the points he made. I think if we're going to solve the climate crisis and create job opportunities, which we are doing, and strengthening our economy and our national security, it all relies on innovation. It's innovation that will really, has always in American history, separated us from our competitors around the world. We have some of the best scientists and technicians and engineers and people in the workforce who make all the inventions that we're talking about today, our members of the trades. There is an expertise, literally from people who are apprentices all the way to the most advanced scientists.
That innovation is going to separate it, and it's the thing that Rochester, New York has done better than any place in America. No matter where you go, no matter who you talk to, they talk about innovation. Today's announcement, certainly we're incredibly grateful for the loan, the loan wouldn't happen, and I think Director Shah will talk about this, without the innovation, without the science, without the vision that people have to bring to the most pressing problems we face as a society and as a world. This is so exciting and I'm not sure there's ever been a time where our economic security as a nation and our national security as a nation is more closely aligned and tied together. That's what this is about today.
We're competing with China. They're buying up cobalt mines, and they're buying up precious metals around the world to be able to force, in their view, strategically electric vehicles being made out of China, batteries being sold only out of China. What we're doing today strikes a victory and strikes a way of making sure that we remain competitive from a national security and an economic security point of view. That's done because of the brilliant people who have thought up this process, who've gone out and who have connected with government, who can supply the resources to make sure we don't go through what entrepreneurs call the valley of death. That they have the resources to be able to do what they need to continue to grow this company and make Rochester the amazing place it's always been to continue that growth for decades and decades to come.
I'm so delighted to be here with colleagues and so delighted to be here with folks from Department of Energy. I'm going to bring up the guy who heads this all at Li-Cycle. Please give a huge round of applause to Ajay. We're so grateful for everything you do. The CEO, Ajay Kochhar.
Wow! What an exciting day. I think we have to start with a round of applause about this. You know, we had a roundtable for this, and I'm an engineer by background, and I forgot to start with a congrats to everybody. Classic engineer move, but this is such a tremendous day for the company. This $375 million commitment has many facets to it, but it's gonna be, of course, massive support for our local development here, right here in the Town of Greece in the Greater Rochester area, supporting the 270 jobs you heard mentioned, the great paying, high-quality jobs. I call it the clean tech industrial revolution. Moving back to, you know, older style industry, heavy industry, but it's enabling the clean energy transition. This is what this is all about.
Of course, 1,000 jobs during construction. We're about 200 plus people right now on site. We have a big job ahead of us this year, continue to ramp up, and it's only possible through the great partners that we have here locally. I'm very proud. This is the first. Li-Cycle is a pure play lithium-ion battery recycling company. We take in all types of batteries. We make those critical materials at the back end. That's what we do. This is the first conditional commitment by the Department of Energy Loan Programs Office to a pure play lithium battery recycling company. Very proud of that. As the senator highlighted, I don't think many folks have realized that this will be the largest source of lithium carbonate.
It is expected to be the largest source of lithium carbonate here in the United States, whether from mining or from recycling. We don't do a good enough job, I think, of saying that. I mean, that's something worth clapping for. I thought, you know, you heard black mass. I thought I'd describe a little bit of what we do. Who's Li-Cycle? Who are we? We were founded back in 2016. I'm an engineer, chemical engineer by background. My co-founder, Tim Johnston, couldn't be here today. He's a six-foot-seven Australian guy. We couldn't be more contrasted from each other, but he and I are the two that started this company. Together, we came up with this technology, but from there, it's been furthered with such a great team and such a great group of partners around us.
Here, let's toss out these terms, Spoke and Hub. What does that mean? Think of it like reverse logistics. Okay? When you think of forward logistics, think Hub and Spoke, like Amazon. This is the opposite, right? Batteries are everywhere. Think of it all around your everyday life, from your phones to your smartwatch, but of course, electric vehicles, the exciting future here. They're everywhere. Addition to that, the manufacturing is everywhere. You know, we have a massive plan for many new battery manufacturing facilities right here in the United States, and those will generate also as they make batteries, a level of scrap. These are the two main inputs to us, and today we have lots of batteries that we're already handling.
At our Spokes, these are network facilities that are close to where the batteries are, take them in and make the black mass. The black mass, which is not a different type of term. By the way, if there's a marketing person to come up with a better term, I'm open to it. Black mass is the cathode, anode material from the battery. When we talk about lithium, nickel, cobalt, it's all in the black mass. That's the real value. That's the source of those critical materials. We actually have a Spoke facility right down the road from here in the Eastman Business Park. That was the start of our journey here in Rochester back in 2018, 2019 time. That was our start.
There we make the black mass emission to our other facilities in the U.S. and Arizona, Alabama, and one in Canada as well. We're continuing to grow that. Think of that as securing the resource for the urban mine. That's the first step. We make that critical material. In this facility, the Hub is where we'll take that black mass and remake the lithium, the nickel, the cobalt, the samples you saw that the senator held up. That's really urban mining. These are the critical ingredients to make new batteries again. This is often overlooked. I think people say, "Hey, there's a lot of lithium in the ground. There's a lot of nickel on the ground, a lot of cobalt in the ground." There's a lot of steps to get it into the battery-grade material suitable to go into active materials to go into batteries again.
That's what Li-Cycle will be doing at this facility. I wanted to give you a little bit of sense of scale also for those on our live stream. You know, this facility, the land area is 50 football fields in size. 50 football fields. This warehouse we built, we're standing in is about five football fields. The actual processing site is adjacent to this. That's 45 football fields in size. We're trying to use better terms than engineering terms. Look, this is a massive facility. We are right in the thick of construction here. I mentioned the job figures, this won't happen without fantastic local partners. There's an iceberg beneath all this, of all the work with our local partners, our project partners in the town, in the state. It's been three, four years of intense effort here. We have path ahead of us.
It's not done, but this loan is gonna be a further emboldening of that path and for us to continue to accelerate our path. As we look forward here, you know, as Li-Cycle, this is an inflection point. I've mentioned in our history, we have many inflection points. We started this company in 2016. First commercial facility about 2019, 2020. Many new facilities over the last couple of years, all through COVID. I'd say today is another milestone year, a milestone day for Li-Cycle, and I'm extremely proud. It wouldn't be happening without the team that's behind us. There are 200+ people I mentioned on the team currently on-site. I think we have 300+ engineers working on this project outside of Li-Cycle. We have almost a 100-person team internally that's doing this. There's a lot of people.
I get to say all these things, but it's those people day in, out, 24/7 that are helping make this a reality. Thank you, Senator Schumer, for your constant support. He's been a massive champion for clean tech, for clean energy transition right here in Rochester, too, as a supporter. Came in September, promised that we would see some benefit, and as you mentioned, promise delivered. Thank you, Senator.
Congressman Morelle. Back in 2020, I think, or 2021, we toured Congressman Morelle around our Spoke here down the road. I was impressed. First person that explained to me how batteries work. He actually knew how the ions move and the charge was created. Very impressive, Congressman. Thank you for being a constant supporter, it's much appreciated. Thank you.
And of course, Director Shah. You know, there's a whole team at the Loan Programs Office that has been. You know, it's almost a year plus of effort here. I got a note from Director Shah back in 2021, 2021 saying, "Hey, Ajay, have you thought about the Loan Programs Office?" I said, "No, I don't think I thought about that." That started a whole journey, you know, from 2021 to here, and here we stand, obviously, on this great day. Thank you, Director Shah, to you and your team for all the support. Of course, Doreen Harris, here from NYSERDA, thank you for being here. Also on behalf of Kathy Hochul, our Governor here in the State of New York, thank you for the support. Again, this takes a village of various groups and support to help make this happen. Thank you.
Now my pleasure to welcome up Director Shah. We've known each other for a couple of years, and I'm sure you're going to enjoy hearing from him. Thank you very much. Walk him up.
Wow, what a day! How full this room istwo This is great. Thank you very much for being here. I was tapped about two years ago this week by the president to lead the Loan Programs Office. At the time, the secretary was being confirmed and called the program dormant, I think was her word. We're no longer dormant. We are busy. Thank you very much for all your support. When I entered the Loan Programs Office, we had about $40 billion of loan authority left, around $17 billion of it in the Advanced Technology Vehicle Manufacturing Program, which is the program that is supporting the Li-Cycle loan.
As the senator talked about in the Inflation Reduction Act, there was a huge vote of confidence in the Inflation Reduction Act for the Loan Programs Office. We were not only given an additional $40 billion of loan authority in the ATVM program, but also an additional $40 billion in our Title 17 program that has funded solar and wind and green hydrogen, carbon management, nuclear, and many other technologies. Also an additional $20 billion in the Tribal Energy Loan Guarantee program and many other programs. Thank you very much, Senator Schumer, for all your support and encouragement over the years. I also wanted to thank Congressman Morelle, who, you know, frankly, has taken a real interest, not only in this project but in many projects around the Rochester region.
I do think that, as the Congressman suggested, there has been a real excellence in this country around innovation for many, many decades. The Department of Energy is the world's best innovator, in partnership with many local institutions around solar technology, wind technology. For too many years, we allowed those technologies to go to other continents to be scaled up. I think with the president's leadership and of course, Senator Schumer's capability of getting it done through the, through the Senate and the House, we are now poised to bring all of those jobs back here to this country and to commercialize these technologies here in this country. As the president suggested at the State of the Union, we are onshoring and reshoring these technologies here. We have already created 100,000 jobs in this country since the Inflation Reduction Act passed.
I also wanna thank Senator Gillibrand's staff for being here. Huge supporter. Thank you so much for all of your support. It's also great to see the building trades leaders here representing SMART, UA, LiUNA, and Ironworkers, as well as the other trades. Thank you so much for your support. Even with all of your support, which is critical, it is still gonna be hard to find the 1,000 people necessary to build this thing this summer. Thank you for everything you're doing, and thanks for the quality work you do every day. As the senator suggested, this is a conditional commitment to Li-Cycle for $375 million. The conditions that are left for them to meet are actually quite reasonable.
They've got to secure their permits, get the rest of the pieces in place to close the loan and for us to fund it. We're super excited here to get this done. This is the fifth critical minerals loan that we're providing in this cycle. We are very committed to critical minerals. The president asked for us to put together a 100-day plan on day 1 when he entered office. We put together a plan, as the congressman suggested. This is a very uphill climb. We have a lot of work to do. We do have the resources here, not only for mining, but as Ajay suggested, the nearest and shortest path to getting the critical minerals back into the marketplace is through recycling.
We are very excited about all the work that we're doing, but it requires a community effort. It requires all of the union workers that are here. Thank you very much for all of the support that you're providing. It also requires all the work the Congressman suggested from the city of Rochester, from the city of Greece. The amount of work that it takes to put all this stuff together is not trivial. We are amazing at doing innovation research. We are the best in the world. Commercializing this technology here in this country takes a lot of additional effort. Thank you very much to the Senator for making all those tools happen so that we can get it done. Thanks to Ajay and the Li-Cycle team for actually the perseverance to make this happen.
The U.S. demand for domestically manufactured critical minerals is expected to grow with the rise in electric vehicle sales and electrification of the transportation sector. Though the United States has significant accessible deposits of many critical minerals, today we account for negligible shares of extraction and processing. In 2021, China accounted for 35%-100% of global processing across graphite, cobalt, nickel, and lithium, including 100% of processing for graphite. We are going to need a massive scale-up of our critical minerals supply chain to keep pace with these deployment goals. To meet the expected demand, we could need more like a tenfold increase in the supply of key minerals like graphite, cobalt, nickel, and lithium. This scale-up will require significant investment to build up domestic production capacity. The Biden-Harris Administration is leaning into partnerships with the private sector like the one we're hearing today.
As the congressman suggested, we're private sector-led, government-enabled in this country. These projects are central to the Biden-Harris Administration's effort to onshore and reshore electric vehicle and critical mineral supply chains, and to manufacture half of all new vehicles sold in 2030 as zero-emission vehicles. This is part of a new wave of commitments from the U.S. Department of Energy to support vehicle manufacturing and to support a strong domestic supply chain for advanced transportation solutions. We're doing this with the support of the Rochester community, many of whom we heard from in this morning's roundtable, like local economic development workforce and local policy leaders and entrepreneurs, including representatives from RochesterWorks, The Shore Foundation, and the Town of Greece. We're also doing this with workers from the community. New York State knows how to prioritize local workers.
The County of Monroe Industrial Development Agency's local labor requirement that all construction workers come from 10 surrounding New York counties has led to strong partnerships between Li-Cycle, MasTec, Robex, UNICOM, and the Rochester Building and Construction Trades. The partnership will ensure that the 1,000 peak construction jobs will go to local workers and open up union construction careers for people in this community. Rochester has such strong education and workforce organizations. These organizations will help Li-Cycle prepare a local workforce to meet the skill levels required for the 270 permanent jobs created by this investment. This is a conditional commitment, we look forward to monitoring Li-Cycle's progress and seeing the project through to financial close. Thank you very much for hosting us today.
I now have the privilege of introducing a good friend, Doreen Harris, NYSERDA's President and CEO, who I know well and is a great leader for advancing New York's clean energy economy and is a great partner with DOE from Governor Hochul's team.
Thank you, Jigar. It's great to share the stage with you on this exciting occasion, thank you for your leadership in making today's announcement possible. Representing Governor Hochul here today, I think she knew what she was doing. She sent a chemical engineer to announce this, right? It is my pleasure to be here on behalf of Governor Hochul, serving as President and CEO of NYSERDA, the state's clean energy and innovation agency. We, as a state, under her leadership, are really cutting edge with respect to achieving goals that very much align with the goals established by the federal government and certainly advanced by Senator Schumer and Congressman Morelle. Thank you for your support in making this opportunity available here in Rochester for Li-Cycle and for all of the communities coming together.
We, as a state, when we're advancing goals like with those within our climate law, I think this re-represents really two critical elements of how we get from here to there. The first part of this is innovation, technology. This project and these projects like it are representative of what we need to be doing at scale, not just to achieve goals for 2030, but really the decades that come. It's not just the chemical engineer in me that says this, but these are the technologies of the future, the technologies that maybe I don't even know about today. Technologies that will be very necessary to reach the deep levels of decarbonization across all sectors of our economy.
I'm here to tell you, it's not just because I'm from New York and just because I'm a chemical engineer, it's because the foundation of these technologies exists here in Rochester and it exists here in New York State at large. Syracuse, Rochester, Buffalo, Binghamton, Albany, and beyond. We really have the foundational parameters to really scale this up throughout our state and beyond. Then the second part of this is jobs. Certainly, I actually started my career here at the Kodak Park, and it's really exciting to see the transformation here and really scaling this up in Rochester and beyond. In fact, when we think about our state's goals, we're talking about hundreds of thousands of new jobs across all sectors of our economy.
When I think about the preconditions for those investments to occur, I really see Rochester as a linchpin for all of that to happen. It's both the technology, it's the workforce, and fundamentally, it's the alignment of the state and federal and local governments and the private sector to achieve these outcomes. We, as a state, could not be more thrilled to support this project on its ongoing growth and development here at Li-Cycle in Rochester and beyond. I know I am looking forward to partnering with you as we build this infrastructure and economy together, not only here in this region, across New York and the world at large. Thank you for having me here today. With that, I'll turn the podium back over to Debbie. Thank you all very much.
Wow. Thank you everyone. I said when I opened this was a momentous day for Li-Cycle. It truly is. We're thrilled to be the recipients of this tremendous support package and to be here in the great state of New York. Thank you all for being a part of this today with us. As you've heard, Li-Cycle processes are leading the way in ensuring that lithium-ion batteries are recycled in an efficient and sustainable way with the least amount of environmental impact to help support the transition to electric vehicles and accelerate the clean energy revolution. At this time, I'm actually really excited to invite those who are interested to make their way to the side over there. You'll see some boards on this side.
If you are interested in taking a tour of our Hub construction site, then you will be escorted from there to a tour bus. The tour takes about 15 minutes, and you're most welcome to join. It's kinda hard to see because there's so many people standing there. If you just move to the left of the white tables, you'll see some boards there, and you can assemble there. Thank you all. Travel safe and have a tremendous rest of your day.