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Redwood Materials, founded by former Tesla executive JB Straubel, said Monday it plans to spend $3.
5 billion to build a battery materials factory
in northwest Nevada.
The auto industry has been ramping up production of electric vehicles to meet surging demand, driving up orders
for batteries and raw materials such as lithium and cobalt.
The five-year-old Redwood Materials is ramping up production of anode and cathode modules to 100 GWh by 2025, enough to supply batteries for 1 million electric vehicles per year and 500 GWh by 2030, enough to supply 5 million electric vehicles per year or more
.
Redwood Materials' partners include automaker Ford Motor Co.
and electric vehicle battery maker Panasonic Holdings, which is building a closed-loop battery ecosystem that aims to reduce the cost of electric vehicles by reducing reliance on imported materials while reducing environmental impact
.
Redwood Materials said the Nevada plant, located just outside Reno, is under construction and is expected to be one of
the first plants in the U.
S.
to produce key ingredients needed to manufacture batteries for electric vehicles.
It expects to invest $3.
5 billion in the plant over 10 years and provide more than 1,500 full-time jobs
during that time.
In May, Straubel said the company aims to start producing copper foil for electric vehicle battery anodes at its Nevada plant by the end of 2022, adding that Panasonic will be the first customer
for this anode.
Redwood Materials, founded by former Tesla executive JB Straubel, said Monday it plans to spend $3.
5 billion to build a battery materials factory
in northwest Nevada.
The auto industry has been ramping up production of electric vehicles to meet surging demand, driving up orders
for batteries and raw materials such as lithium and cobalt.
The five-year-old Redwood Materials is ramping up production of anode and cathode modules to 100 GWh by 2025, enough to supply batteries for 1 million electric vehicles per year and 500 GWh by 2030, enough to supply 5 million electric vehicles per year or more
.
Redwood Materials' partners include automaker Ford Motor Co.
and electric vehicle battery maker Panasonic Holdings, which is building a closed-loop battery ecosystem that aims to reduce the cost of electric vehicles by reducing reliance on imported materials while reducing environmental impact
.
Redwood Materials said the Nevada plant, located just outside Reno, is under construction and is expected to be one of
the first plants in the U.
S.
to produce key ingredients needed to manufacture batteries for electric vehicles.
It expects to invest $3.
5 billion in the plant over 10 years and provide more than 1,500 full-time jobs
during that time.
In May, Straubel said the company aims to start producing copper foil for electric vehicle battery anodes at its Nevada plant by the end of 2022, adding that Panasonic will be the first customer
for this anode.
