Battery materials and recycling startup Redwood Materials has secured a conditional commitment for a $2 billion loan from the Department of Energy as part of the Biden Administration’s bid to build up a supply chain for EVs in the United States.
The conditional commitment from DOE’s loan program office, which was announced Thursday, is part of the Advanced Technology Vehicle Manufacturing Loan Program. The milestone-based financing will be provided to Redwood in tranches to support its growth and the expansion of its headquarters in Nevada.
Lithium-ion batteries contain three criti
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Redwood Materials lands $2B conditional loan from DOE
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