MCCARRAN, NV – A Nevada company that recycles batteries for electric vehicles has won a $2 billion green energy loan from the Biden administration.
“This region is leading the way to a broader story of what is happening in the country,” Granholm said, pointing to a map of 80 battery manufacturing or supply chain companies that are expanding or opening in the U.S. Most have been announced in response to the infrastructure law President Joe Biden signed in 2021 and the climate law he signed last year, she said.
The Energy Department said its conditional commitment demonstrates its intent to finance the Nevada project, but several steps remain before officials approve a final loan. The company says it can recover more than 95% of the elements in a spent battery, including lithium, nickel, cobalt, manganese, and copper. The metals are then used to make anode and cathode components for new battery cells.
Redwood Materials’ history in Nevada started under former Republican Gov. Brian Sandoval, who was in attendance on Thursday. It continued under Democratic Gov. Steve Sisolak before the loan was conditionally approved under Lombardo, who acknowledged he was a latecomer to negotiations. The investments and subsequent jobs help fulfill a campaign pledge by Lombardo and past governors to diversify Nevada’s casino and tourism-based economy.
Last month, the Energy Department announced a conditional loan of $700 million to an Australian company to mine lithium in northern Nevada as the U.S. seeks domestic supplies for the key component in electric vehicle batteries.
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