Redwood Materials scores $2 billion DOE loan to boost its EV battery recycling operations
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Redwood Materials, the electric vehicle battery recycling venture founded by the former chief technologist at Tesla, has secured a $2 billion green energy loan from the Biden administration in what clearly is a major win for the nascent operation.
The loan originates from the US Department of Energy’s Advanced Technology Vehicles Manufacturing program, which famously helped put Tesla on the map and more recently provided a boost for a joint venture of General Motors and LG Energy Solution to help fund the construction of a new lithium-ion battery manufacturing facility. US Energy Secretary Jennifer Granholm is scheduled to tour Redwood’s facility in Nevada on Thursday to announce the loan.
Redwood recently announced plans to build a…
