Redwood Materials Expands Storey County, Nevada, Operations
The plant will be the first time these critical battery materials, which account for 65 percent of the cost of a battery, have been manufactured at scale in the United States. By 2025, the company plans to produce enough cathode materials and copper foil to support 1 million electric vehicles annually.
“Redwood is committed to supplying U.S. battery manufacturers with sustainable, domestic materials. Our investment in Nevada allows us to scale anode and cathode materials to support this transition while creating jobs and investing in the community,” said JB Straubel, Founder & CEO of Redwood Materials. “We thank the State of Nevada for recognizing the importance of this project in establishing a domestic battery supply chain and securing American leadership in both battery recycling and critical materials production.”
The Nevada Governor’s Office of Economic Development (GOED) Board of Directors approved Redwood Materials $105,615,082 tax abatement.
“Nevada continues to attract companies who are making significant investments, creating good jobs, and expanding our tax base,” noted Michael Brown, GOED Executive Director. “One of those companies is making $1.1 billion in capital investments, another is paying an average wage of $58.58, and yet another will operate a land-based salmon production facility.”
Redwood Materials recovers more than 95 percent of the metals (including nickel, cobalt, lithium, and copper) from batteries, and uses these to remanufacture anode and cathode components. The company then supplies these components back to the U.S. battery cell manufacturers without the metals ever leaving the country. Additionally, the auto industry has been ramping up production of electric vehicles to meet a demand surge, driving up orders for batteries and raw materials that have limited supply.
“Nevada continues to attract companies who are making significant investments, creating good jobs, and expanding our tax base,” said Michael Brown, GOED Executive Director. “One of those companies is making $1.1 billion in capital investments, another is paying an average wage of $58.58, and yet another will operate a land-based salmon production facility.”
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