Redwood Materials plans to spend $3.5 billion for EV battery essentials plant in Nevada


Redwood Materials, founded by former Tesla Inc. executive JB Straubel, said on Monday it plans to spend $3.5 billion on a battery-materials factory in northwest Nevada.

The auto industry has been ramping up production of electric vehicles to meet a demand surge, driving up orders for batteries and raw materials such as lithium, cobalt, etc.

Five-year-old Redwood Materials is ramping up production of anode and cathode components to 100 gigawatt-hours by 2025, enough to supply batteries for 1 million EVs a year, then to 500 GWh by 2030, enough to supply 5 million EVs a year or more.

Redwood Materials, whose partners include automaker Ford Motor Co. and EV battery maker Panasonic Holdings Corp., is building a closed-loop battery ecosystem aimed at lowering EV costs by cutting dependence on imported materials, while also reducing the environmental impact.

The Nevada plant, under construction outside Reno, is expected to be one of the first U.S. facilities to produce key ingredients needed to make batteries that power electric vehicles, Redwood Materials said.

It expects to spend $3.5 billion over 10 years on the plant and offer more than 1,500 full-time jobs in that time.

In May, Straubel said the company aimed to start production of copper foil used for EV battery anodes at its Nevada facility by the end of 2022, adding that Panasonic would be the first customer for the anodes.

Products You May Like

Articles You May Like

This Toyota Fortuner Has A Built-In Toilet That Is Accessible From Inside The Cabin
Tesla Semi reservations closed, new details released ahead of launch
Dodge dealers working with coachbuilder to offer Challenger convertibles
GM racketeering suit against Fiat Chrysler rejected by U.S. appeals court
GM adds CEO of luxury fashion company to board

Leave a Reply

Your email address will not be published.