Redwood Materials is in line to receive up to $2 billion from the DOE to build its battery recycling facility in Nevada.
about the loan to Redwood, the DOE said, “Once fully operational, the project would be the first domestic facility to support production of anode copper foil and cathode active materials in a fully closed loop lithium ion battery manufacturing process by recycling end of life battery and production scrap and re-manufacturing that feedstock into critical materials.
Over the next decade, there will be extraordinary investment to scale domestic battery cell production in the United States, the company said. This investment is critical to keeping the US at the forefront of manufacturing and job creation, meeting our clean energy and sustainability goals and ensuring we strengthen our supply chains and lessen our reliance on foreign battery components, the company says.The two most essential and valuable components in a battery are the anode and cathode.
Redwood says it has been working closely with the Loan Programs Office for more than a year and has undergone an extensive diligence process that closely examined its technology, ability to repay the loan, and product demand, among other factors. The recycled battery materials it produces will permit battery and automotive manufacturers to meet the stringent mineral and battery component requirements mandated by the Inflation Reduction Act.
Redwood Materials will produce approximately 36,000 metric tons per year of ultra-thin battery grade copper foil for use as the anode current collector and approximately 100,000 metric tons per year of cathode active materials. Anode copper foil and cathode active material are the two most critical and valuable components of lithium-ion battery manufacturing for electric vehicles, the DOE says.
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