The 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.
The reflection of a 2021 Ford Mustang Mach E is seen in the window as it charges at a Ford dealership in Wexford, Pa., May 6, 2021. | Keith Srakocic/AP PhotoThe Energy Department on Thursday tentatively awarded a $2 billion loan to battery recycling company Redwood Materials, which the company says will allow it to produce enough battery materials to enable the production of more than a million electric vehicles a year.
Redwood founder CEO JB Straubel, who previously worked at Tesla, said at an event announcing the loan that he had a “front row seat” while at the Elon Musk-helmed electric vehicle maker to “some of the bigger challenges the the entire industry would face as it scales,” particularly around the battery materials supply chain.
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