, plant in 2025. Straubel declined to say how much material it will provide to Panasonic annually but told“the value of this contract is in the multiple billions of dollars.” Equally important is that it’s a step toward cutting U.S. reliance on cathodes and anodes that are currently mainly sourced from China.
The recently enacted Inflation Reduction Act, or IRA, signed into law in August, provides new federal incentives for the purchase of electric cars and trucks of up to $7,500 but specifies that both vehicles and their batteries, including the cathodes and anodes, increasingly must be produced or processed in North America. Though Tesla, General Motors, Panasonic and other companies make batteries at North American plants, China is the main supplier of the cathodes and anodes that make them work.
Redwood previously said it would make copper foil for anodes Panasonic will also be using in Kansas. Straubel’s company plans to begin making cathodes in Nevada in 2024, with a goal of producing enough of both components for 1 million EV battery packs by 2025. By the end of the decade, Redwood’s goal is to boost anode and cathode production to 500 gigawatt-hours per year, enough for at least 5 million EVs.
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