Redwood Materials Secures $2 Billion Loan to Support Electric Vehicle Battery Production
Redwood Materials, a Nevada-based battery recycling startup, has secured a $2 billion conditional loan commitment from the Department of Energy to ramp up its production of electric vehicle (EV) battery components.
The loan, announced Feb. 9 in a blog posted on the Energy Department website, will go toward the construction and expansion of a McCarran, Nevada, manufacturing campus that the company will use to recycle used lithium-ion batteries and production scrap to produce new materials like anode copper foil and cathode active materials.
“Anode copper foil and cathode active material are the two most critical and valuable components of lithium-ion battery manufacturing for EVs,” Loan Programs Office Director Jigar Shah wrote in announcing the loan. “Onshoring the production of these components is critical to America’s energy independence while ensuring the long-term success and sustainability of an advanced battery manufacturing industry here at home.”…