Redwood Materials scores a new $2 billion loan to build out battery recycling facility in Nevada
Publishing timestamp: 2023-02-09 15:37:29
Summary
The Department of Energy has committed $2 billion in loan to Redwood Materials, a battery recycling startup founded by ex-Tesla CTO JB Straubel, to build and expand its battery recycling facility in Nevada. The loan is part of the US Inflation Reduction Act, which has resulted in more than 100,000 new green jobs. Redwood Materials aims to support production of more than 1 million EVs per year, which could help drivers avoid estimated 3.5 million tons of CO2 and other tailpipe emissions, annually. Tesla is a partner of Redwood Materials and is piloting its own recycling technology.
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Keywords: technology, climate, autos, tesla inc, venture capital, business news,