Tesla Cofounder Aims To Rev Up U.S. EV Battery Market With $3.5 Billion South Carolina Plant

Redwood Materials is building a $3.5 billion near Charleston, South Carolina, as new battery plants are being built across the Southeast.Redwood Materials, the battery recycling and components maker created and run by Tesla cofounder JB Straubel, is accelerating its push to build a U.S. supply base for critical components for electric vehicle batteries with plans for a massive $3.5 billion plant in South Carolina.

Redwood Materials newest plant will be a closed-loop facility, recycling used batteries and turning the recovered materials into cathode and anode components needed by auto and battery makers.Auto and battery makers, including General Motors, Ford, Hyundai, Toyota, BMW, Volvo, Panasonic, SK Battery and Envision AESC, have committed tens of billions of dollars cumulatively for new plants to make battery packs for dozens of EV models coming to market.

Redwood has raised more than $1 billion from investors, including Ford, Fidelity, Bill Gates’ Breakthrough Energy Ventures and Amazon’s Climate Pledge Fund. It will be seeking additional funds to cover the $4.6 billion it is committing for both the South Carolina campus and its production facilities in Nevada, though Straubel declined to provide details about that effort.

Tesla received an ATVM loan that it used to buy and equip its first plant, a former Toyota-GM factory in Fremont, California, in 2010. Straubel joined the EV company in 2004 with Elon Musk, serving as its CTO until he left to start Redwood in 2019.Straubel declined to say which auto and battery companies will be buyers of the anode and cathode materials it will make in South Carolina, saying new partnerships would be announced later.

Long overdue recovery and reuse

get this company on trading 212 and ill happily invest in these!

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.

Tesla Cofounder Aims To Rev Up U.S. EV Battery Market With $3.5 Billion South Carolina PlantJB Straubel, Tesla’s former long-time CTO, is accelerating his plans to make battery recycler Redwood a major U.S. supplier of battery materials that are in increasingly high demand as automakers ramp up electric vehicle and battery pack production.
Source: ForbesTech - 🏆 318. / 59 Read more »

Rev. Barber Tells Senate Dems to Bring Voting Rights, Minimum Wage, Abortion Bills to Floor'You can't say the rules keep you from doing something when you have the power to change the rules,' says Rev. Dr. William J. Barber II. JesusNarrowWay RevDrBarber Yes!!
Source: commondreams - 🏆 530. / 51 Read more »

Rev. Gary Davis was a prolific guitar player. A protégé aims to keep his legacy aliveGuitarist Stefan Grossman studied with blues and gospel singer Rev. Gary Davis in the 1960s. Now, he’s spreading Davis’ teachings. 'I want to pass on the joy of playing this music to others, just as Rev. Davis passed it on to me.' Wow so fucking cool. Praise him. Great tweet.
Source: NPR - 🏆 96. / 63 Read more »

Washington regulator aims for more control of Microsoft and MetaThe FTC has 2 huge cases underway: Its trial against Meta and a suit to block a Microsoft megadeal. The agency's apparent long game: to win unprecedented powers to review and potentially block any future deals by two of tech’s most acquisitive companies. Government wants even more power? What a shock. VeryOnlineAnna sounds like an excellent plan
Source: politico - 🏆 381. / 59 Read more »

Türkiye's Togg aims to enter European market in 2024A top official of the firm that has launched the country's first-ever electric car says they are focusing on Scandinavian countries first.
Source: trtworld - 🏆 101. / 63 Read more »

US says China, Russia 'destabilising' Africa as it aims to woo its leadersUS accuses China and Russia of 'destabilising' Africa with their growing inroads as it rolls out a red carpet to continent's 49 leaders and pledges billions of dollars in support Too little too late. Practically it is the US and its European colonialists that are distabilizing and robbing Africa.
Source: trtworld - 🏆 101. / 63 Read more »