Redwood’s Battery Materials Campus Secures $2 Billion Loan Commitment from DOE, South Carolina
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Redwood Materials has secured a conditional loan commitment for $2 billion from the U.S. Department of Energy (DOE) to support the construction of its $3.5 billion battery materials campus in Charleston, South Carolina.
The loan commitment has been made by the U.S. DOE’s Loan Programs Office as part of the Advanced Technology Vehicles Manufacturing Loan Program (ATVM).
According to the company, the domestic production of critical battery materials at scale will lower battery costs, generate thousands of jobs in the U.S., and keep billions of dollars in the U.S. economy which otherwise would be spent overseas.
With the DOE loan, Redwood Materials expects to support the phased construction of its battery materials campus. The company also aims to produce 100GWh annually of ultra-thin battery-grade copper foil and cathode-active materials from both new and recycled feedstocks at gigafactory scale in the U.S.
“DOE’s support for this project represents a critical milestone in the United States’ commitment to establishing a domestic battery supply chain rooted in manufacturing and American innovation,” Redwood Materials said in a statement.
“By localizing this critical supply chain and producing anode and cathode components at a gigafactory-scale in the U.S. for the first time, Redwood is addressing perhaps the most important supply chain need in electrification and ensuring that the United States can deliver on its clean energy and sustainable transportation plans,” added Redwood Materials.
The American battery materials producer also announced the commencement of anode copper foil production at its Northern Nevada facility.
The production at the facility has begun exactly a year after the initial site ground-breaking, stated the company.
With the completion of phase one of copper foil, the company anticipates to start cathode qualification later this year.
Panasonic will be the first to procure its copper foil for cell production in the Nevada gigafactory, said Redwood Materials.
In December 2022, Redwood Materials announced the selection of Charleston for the new battery materials campus, which will recycle, refine, and manufacture anode and cathode components.
Source: NS Energy
About Redwood Materials
Redwood is building a circular supply chain to power a sustainable world. They’re localizing a global supply battery chain and producing anode and cathode components in the U.S. for the first time — from as many recycled batteries as possible.
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