Redwood Materials Obtains $2 Billion Federal Funds For EV Battery Materials Plant
- With the new facility development in Nevada, USA, Redwood Materials will certainly create vital Electric Vehicle Battery Components from recycled products.
- The center will support production of anode copper foil and cathode active products by recycling end-of-life battery and also manufacturing scrap and remanufacturing that feedstock into vital materials.
The U.S. Department of Energy's (DOE) Loan Programs Office (LPO) has revealed a loan of $2 billion to Redwood Materials for the building as well as development of a battery materials university in Nevada. This is to support the growing EV market in America.
DOE claimed that the Redwood Materials project will certainly be the initial center in United States to support manufacturing of anode copper foil and cathode active materials in a fully closed-loop lithium-ion battery production process by reusing end-of-life battery as well as manufacturing scrap and remanufacturing that feedstock into critical materials.
Redwood Materials will certainly thus develop 3,400 building jobs and use 1,600 full-time employees. As per the declaration of DOE, the project is a considerable action in the direction of satisfying the Biden Administration's target of making fifty percent of all new vehicles offered in 2030 zero-emissions vehicles, consisting of battery electric, plug-in hybrid electrical, or fuel cell electrical vehicles.
At full manufacturing capacity, the Redwood Materials facility output of anode copper foil and also cathode energetic product will certainly support the manufacturing of more than 1 million EVs annually. this will decrease yearly gasoline usage by over 395 million gallons as well as staying clear of greater than 3.5 million tons of CO2 discharges each year.
Redwood Materials will utilize both new as well as recycled feedstocks like lithium, nickel, as well as cobalt to create about 36,000 statistics lots of ultra-thin battery-grade copper foil per year. It will also generate 100,000 metric tons per year of cathode energetic materials. These are both most essential components of lithium-ion battery production.
Presently, almost all anode as well as cathode manufacturing supporting united state battery cell producers takes place in Asia. Redwood Materials will certainly currently lead one of the initial residential projects that creates cathode materials at scale for battery cell production. The share of annual battery-powered EVs is expected to increase from about 2% in 2020 to 35% by 2030 in the US.
Also, Redwood Materials can recuperate higher than 95% of the critical battery elements in an end-of-life battery. Its Nevada operation recycles end-of-life batteries from consumer electronics like cellular phone batteries, laptop computers, power tools, as well as various other electronic waste, remanufacturing these feedstocks right into crucial components that help support the domestic lithium-ion battery supply chain.
Redwood Materials presently has collaborations with several existing and also possible EV battery producers in the United States. These off-takers include Panasonic Energy situated close by at the Tesla Gigafactory as well as it has an additional facility under construction in Kansas that will resource Redwood Materials cathode and anode products for battery cell manufacturing.
This project helps meet the goals put forth by the Biden Administration's Executive Order 14017 on America's Supply Chains, consisting of the promo of domestic critical products reusing and manufacturing.