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Tesla Cofounder Aims To Rev Up U.S. EV Battery Market With $3.5 Billion South Carolina Plant

Alan Ohnsman of Forbes reports that Redwood Materials will build a new EV battery plant in South Carolina.

The C3 Take
  • 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.

The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.

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