Redwood Materials scores a new $2 billion loan to build out

 

Redwood Materials scores a new $2 billion loan to build out battery recycling facility in Nevada

• The Department of Energy has committed $2 billion in a new, conditional loan to help Redwood Materials build out its battery recycling campus in Nevada.
• Redwood Materials, founded by ex-Tesla CTO JB Straubel in 2017, takes end-of-life electric vehicle batteries and scrap from car factories, and turns it into raw materials and components to make new battery cells.
• Director of the DOE’s Loan Programs Office, Jigar Shah, wrote in a blog post that the US needs to expand its battery recycling capabilities in order to meet growing demand for EVs here, and to lower the cost of EVs.
• https://www.cnbc.com/2023/02/09/redwood-materials-nabs-2-billion-loan-for-battery-recycling-in-nevada.html
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