Huge loan for US battery recycler

Redwood Materials, the US battery recycler, is receiving US$ 2 billion (EUR 1.87 billion) in loans from the Department of Energy (DoE) to help drive forward its expansion plans. 

The funding from the DoE’s Loan Program Office will be drawn in stages to support the phased construction of its battery materials campus in Nevada and to unlock other investments. The company expects the work to require 3 400 construction jobs and, ultimately, a workforce of 1 600.

‘Ultimately, we will produce 100 GWh annually of ultra-thin battery-grade copper foil and cathode-active materials from both new and recycled feedstocks at giga-factory scale in the United States for the first time,’ Redwood says. ‘This will provide enough battery materials to produce more than a million electric vehicles a year domestically.’ 

‘DOE’s support for this project represents a critical milestone in the United States’ commitment to establishing a domestic battery supply chain rooted in manufacturing and American innovation. Redwood is addressing perhaps the most important supply chain need in electrification and ensuring that the United States can deliver on its clean energy and sustainable transportation plans.’

This is the latest development for the growing specialist in sustainability. In January, electronic and electrical giant Panasonic announced a deal by which Redwood will supply cathodes to its new electric vehicle battery production facility in Kansas due to come online in 2025. Redwood’s partnership with Panasonic began in 2019 at the facility in Nevada which the manufacturer shares with Tesla.

In 2022, Redwood announced a series of partnerships with Ford, Volvo and Volkswagen, among others, to recycle electric vehicle batteries.