U.S. set to loan Redwood Materials $2 billion for EV materials plant
Redwood Materials, founded in 2017 by former Tesla executive Straubel, is on a path to become one of the world’s largest recyclers and remanufacturers of battery materials, including copper, lithium, cobalt and nickel.
In addition to the Nevada site near Reno, Redwood Materials in December said it planned to construct a similar facility northwest of Charleston, South Carolina, also at a cost of around $3.5 billion. Each facility will have an initial planned capacity to process 100 gigawatt-hours of electrode materials, enough to supply more than 1 million EVs each. The South Carolina complex eventually could be expanded to"several hundred gigawatt-hours," Straubel said.Redwood Materials said it will supply copper foil from Nevada to Panasonic for battery cells produced at the Nevada Gigafactory that Panasonic jointly operates with Tesla.
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