Carson City-based Redwood Materials receives $2 billion for electric vehicle production sustainability
Submitted by Kelsey Penrose on Thu, 02/09/2023 - 1:29pm
Carson City based Redwood Materials will be expanding even further with a $2 billion investment from the Department of Energy to support their fast expanding battery recycling business.
Redwood Materials’ mission is creating a closed loop recycling system of lithium-ion batteries as part of the production chain of electric vehicles.
Previously, Redwood Materials acquired 74 acres in the TRIC to expand their battery materials recycling center, bringing their campus to almost 175 acres in total.
Now, with this $2 billion loan, the company will further expand with a new battery materials campus in McCarren, Nevada.
“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 remanufacturing that feedstock into critical materials,” a spokesperson for the DOE wrote.
With the expansion, Redwood Materials is expected to create 3,400 construction jobs, as well as 1,600 full-time employees spanning from labor, to technical staff, to on-site management.
“This project marks a significant step towards meeting the Biden Administration’s target of making half of all new vehicles sold in 2030 zero-emissions vehicles, including battery electric, plug-in hybrid electric, or fuel cell electric vehicles,” the DOE spokesperson wrote. “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 (Electric Vehicles) per year, reducing annual gasoline consumption by over 395 million gallons and avoiding more than 3.5 million tons of CO2 emissions each year. At scale, the production output from this project will play an essential role in supporting U.S. automotive manufacturers.”
Nevada Senator Catherine Cortez Masto helped to push the funding with bipartisan support.
“Clean energy means jobs, and this new loan will create good-paying job opportunities for thousands of workers across Northern Nevada,” Cortez Masto said. “I will always stand up for businesses like Redwood Materials and make sure they have the resources they need to grow and drive our state’s economy.”
JB Straubel, Founder and CEO of Redwood Materials, said this will accelerate clean energy and sustainability for the country.
“We’re honored to have received this loan from the Department of Energy, which represents a critical milestone in establishing a domestic battery supply chain here in the U.S.,” Straubel said. “These commitments, coupled with the electric vehicle and battery manufacturing investments in the Inflation Reduction Act, have accelerated the clean energy and sustainable transportation future here in America. We are also deeply appreciative of the tremendous leadership of Senator Cortez Masto, who was integral to the development of these policies. Redwood is committed to ensuring we execute on this transition by creating a circular supply chain that drives down battery costs, curbs emissions, and creates thousands of new U.S. jobs.”
