Founded by ex-Tesla CTO JB Straubel, Redwood Materials is growing its battery recycling operations in and beyond Nevada.
"These are very capital-intensive projects, and we're in a competition with Asia to ramp this up and to bring these supply chains and manufacturing operations back to the US," said Straubel on CNBC's The Exchange on Thursday.
He added, "The US battery demand and EV demand is growing…but we have a long way before that supply chain is predominantly moved to the US."about the new loan commitment: "In order to meet the needs of the rapidly growing EV market, the United States will need to expand battery recycling capabilities, as well as grow our domestic capacity for producing battery precursor materials. By lowering the cost of the critical materials for lithium-ion batteries using recycled materials, electric vehicles can become more accessible to lower income communities."
With the aim of lowering greenhouse gas emissions over the next decade, President Joe Biden pushed for and signed the $430 billion U.S. Inflation Reduction Act in August 2022. The DOE's new loan to Redwood Materials comes in part from that law, which has so far resulted in more thanThe DOE says it appropriated $55 billion in new estimated loan authority for its Advanced Technology Vehicles Manufacturing program through the IRA.
While Tesla may have been the birthplace of Redwood Materials, and a partner of the company today, it could compete with the recyclers on technology eventually. In its
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