Redwood Materials receives $2 billion loan from DOE to build battery recycling and production facility
Feb. 13, 2023
As part of the Advanced Technology Vehicles Manufacturing Loan Program (ATVM), Redwood Materials will receive a $2 billion loan from the U.S. Department of Energy’s (DOE) Loan Programs Office (LPO).
As part of the Advanced Technology Vehicles Manufacturing Loan Program (ATVM), Redwood Materials will receive a $2 billion loan from the U.S. Department of Energy’s (DOE) Loan Programs Office (LPO). This conditional loan will be used to finance the creation of an electric vehicle battery production/recycling facility in McCarran, Nevada. According to the DOE, the new plant would produce “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 remanufacturing that feedstock into critical materials.” When fully operational, the facility should produce 36,000 metric tons of copper foil and 100,000 metric tons of cathode active materials per year. This output will help support the creation of over 1 million electric vehicles per year. The project is expected to create 1,600 new jobs for Nevada.
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