Redwood Materials announced today that it received conditional commitment for a $2 billion loan from the DOE's Loan Program Office.
"Redwood Materials has received conditional commitment for a $2 billion loan from the Department of Energy’s (DOE) Loan Programs Office as part of the Advanced Technology Vehicles Manufacturing Loan Program (ATVM)," wrote the company in a news release.
"Redwood will draw upon this milestone-based financing in tranches that support our phased construction and allow us to unlock funding as we accelerate the construction and expansion of our first battery materials campus. As part of this project, we expect to create 3,400 good-paying construction jobs and employ approximately 1,600 full-time employees."
"Ultimately, we will produce 100 GWh annually of ultra-thin battery-grade copper foil and cathode-active materials from both new and recycled feedstocks at gigafactory scale in the United States for the first time. This will provide enough battery materials to produce more than a million electric vehicles a year domestically."
JB Straubel is founder and CEO of Redwood. Before Redwood Straubel co-founded Tesla and spent fifteen years as Tesla's CTO.
