Upstate New York is expected to be the first source of recycled battery-grade materials in North America

Rochester has received a commitment for a $375 million loan from the Department of Energy to supercharge its Li-Cycle hub.

The facility will produce battery material from lithium-ion batteries for reuse by battery manufacturers and electric vehicle and energy storage producers.

This will create a closed-loop supply chain.

The process can recover up to 95% of battery-grade material.

It's expected to be the largest refinery of its kind in North America and Europe.

Officials say this hub is a look into our nation's future.

"Batteries are everywhere,” said Li-Cyle co-founder and CEO Ajay Kochhar. “Think of it all around your everyday life. From your phones to your smartwatches. Especially electric vehicles the exciting future here. They're everywhere."

Company officials say the Rochester hub has the capacity to produce nearly 10,000 tons of material for lithium-ion batteries per year.

That could support the battery needs of more than $200,000 in electric vehicles.

The hub is expected to start production late this year.

Editor's note: The previous version of this story has been updated to reflect accurate details on the loan, battery production and company information.