Redwood Materials has received a $2 billion U.S. Department of Energy loan to begin domestic production of critical battery components for electric vehicles.
for battery manufacturers, that the Biden administration is pulling to jump-start a U.S. supply chain for EVs.Redwood intends to make lithium-ion battery anodes and cathodes — which make up nearly 80% of the cells' cost — at new plants in Nevada and Kansas.
Despite huge recent investments in U.S. battery production, those critical components are still made almost entirely in China.The plants will eventually produce enough materials to power 1 million EVs, Redwood says.Redwood CEO J.B. Straubel was a co-founder of Tesla, which benefited from the same DOE loan program in its early years.Producing critical battery components in the U.S. could help drive down EV costs, create jobs and reduce the country's dependence on China.
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