Alan Ohnsman of Forbes reports that Redwood Materials will build a new EV battery plant in South Carolina.
- Tesla co-founder JB Straubel has announced that his company, Redwood Materials, will build a $3.5 billion closed loop battery processing plant in South Carolina.
- The facility will produce 100-gigawatt hours of anodes and cathodes, enough to power 1 million electric vehicles per year, and employ 1,500 people.
- Redwood Materials is showing how private sector leadership can lead the way in reducing emissions.
“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.”
Read the full article here.