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The U.S. Department of Energy announced to lend $2 billion to Redwood Materials in Northern Nevada for the construction and expansion of a battery materials center. The project, located at McCarren, Nevada, would be the first facility in the U.S. to support the production of critical materials in a fully closed-loop lithium-ion battery manufacturing process by recycling end-of-life batteries and production scrap.
The project is estimated to create nearly 3,400 construction jobs and employ approximately 1,600 full-time employees. At full production capacity, the project’s anode copper foil and cathode active material output is anticipated to support the production of more than 1 million EVs per year, reducing annual gasoline consumption by over 395 million gallons and avoiding more than 3.5 million tons of CO2 emissions each year.
Redwood Materials was reported to have a valuation of about $3.7 billion as of July 2021. It is founded by JB Straubel, co-founder of Tesla.
