Redwood Materials, a recycling venture founded by the former chief technology officer at Tesla Inc. secured a conditional loan from the Energy Department’s Advanced Technology Vehicles Manufacturing program, w hich helped Tesla more than a decade ago.
“It’s going to be a slam dunk for our domestic, burgeoning electric vehicle industry, providing these battery components for more than a million electric vehicles every year,” she added. Redwood Materials was founded in 2017 by Jeffrey “JB” Straubel, Tesla’s former chief technology officer. It now has more than 300 employees who recycle used batteries and has supply contracts with Ford and with Panasonic, which makes batteries for Tesla.
Redwood Materials “is going to play this outsized role in bringing the batteries supply chain home - because you’re focused on the pieces that we don’t have in the United States,” Granholm told employees at Thursday’s event. “You guys are making history in this.” Redwood Materials is expected to create about 3,400 construction jobs and employ about 1,600 full-time workers, the department said.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Redwood Materials gets $2B U.S. loan to make electric car battery partsRedwood Materials has received a $2 billion U.S. Department of Energy loan to begin domestic production of critical battery components for electric vehicles. That's wonderful more jobs for American workers.. I hope they make them union workers This isn’t the first time politicians have been excited about Redwood Materials’ investment activity in their home states. In December, Sen. Tim Scott & Gov. Henry McMaster shared news of investments coming to South Carolina. See more on Pundit Analytics:
Source: axios - 🏆 302. / 63 Read more »
Nevada battery recycler wins $2 billion loan from Energy DepartmentA Nevada company that recycles batteries for electric vehicles has won a $2 billion green energy loan from the Biden administration. An American licy …
Source: MarketWatch - 🏆 3. / 97 Read more »
Biden administration grants $2 billion loan for electric vehicle battery materialsThe Energy Department tentatively awarded a $2 billion loan to battery recycling company Redwood Materials. The company says the loan will enable it to produce more than a million electric vehicles a year. Can he possibly waste any more money he doesn’t have. Any job created by our tax dollars in NOT progress So who in Congress and the Executive Branch owns stock in Redwood Materials? This is Solindra 2.0 the money is already gone and nothing will get built. Real investment comes from real investors if this was a good deal it would not need government money.
Source: politico - 🏆 381. / 59 Read more »