Redwood Materials wins $2bn DOE loan for EV materials plant. mining miningnews
Redwood Materials said on Thursday it has received a conditional commitment for a $2 billion loan from the US Energy Department to help build out a $3.5 billion recycling and re-manufacturing complex in Nevada for electric vehicle battery materials.
Straubel said there has been “a frenzy of activity” among electric vehicle and battery manufacturers since President Joe Biden passed the Inflation Reduction Act in August. The IRA rules are designed to shift the US battery supply chain away from China, which currently produces 70% of batteries for electric vehicles.
Last month, the department said it planned to loan Ioneer Ltd up to $700 million to build its Rhyolite Ridge lithium mining project in Nevada. In addition to the Nevada site near Reno, Redwood Materials in December said it planned to construct a similar facility northwest of Charleston, South Carolina, also at a cost of around $3.5 billion.
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