Redwood Materials wins $2bn DOE loan for EV materials plant. mining miningnews
Redwood Materials said on Thursday it has received a conditional commitment for a $2 billion loan from the US Energy Department to help build out a $3.5 billion recycling and re-manufacturing complex in Nevada for electric vehicle battery materials.
Straubel said there has been “a frenzy of activity” among electric vehicle and battery manufacturers since President Joe Biden passed the Inflation Reduction Act in August. The IRA rules are designed to shift the US battery supply chain away from China, which currently produces 70% of batteries for electric vehicles.
Last month, the department said it planned to loan Ioneer Ltd up to $700 million to build its Rhyolite Ridge lithium mining project in Nevada. In addition to the Nevada site near Reno, Redwood Materials in December said it planned to construct a similar facility northwest of Charleston, South Carolina, also at a cost of around $3.5 billion.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WSJ News Exclusive | Jackson Hole Ranch Spanning 49 Acres Asks $22.5 MillionIn Wyoming's Jackson Hole, a 49-acre property with a roughly 10,200-square-foot home and separate guest house is coming on the market for $22.5 million
Read more »
Project marks first use of plastic materials on Texas roadsPlastic products, both recycled and unrecycled, are expected to improve the strength and durability of Texas highways.
Read more »
What if a train derailment like Ohio’s happened in Philly?A Philadelphia train derailment involving hazardous materials could affect hundreds of thousands of residents.
Read more »
Energy secretary touts Utah geothermal project, sees green path to U.S. energy independenceU.S. Secretary of Energy Jennifer Granholm visited Utah to promote clean energy, including the Utah FORGE project in southern Utah that is DOE's largest enhanced geothermal project.
Read more »