A Nevada company that recycles batteries for electric vehicles has won a $2 billion green energy loan from the Biden administration.
Redwood Materials, a recycling venture founded by the former chief technology officer at Tesla Inc., secured the conditional loan from the Energy Department’s Advanced Technology Vehicles Manufacturing program, which helped Tesla more than a decade ago.
Energy Secretary Jennifer Granholm announced the grant Thursday at Redwood’s facility in Nevada with Gov. Joe Lombardo, where they spoke from a stage to dozens of employees.
“This region is leading the way to a broader story of what is happening in the country,” Granholm said, pointing to a map of 80 battery manufacturing or supply chain companies that are expanding or opening in the U.S. Most have been announced in response to the infrastructure law President Joe Biden signed in 2021 and the climate law he signed last year, she said.
National Post Rating
Associated Press Rating
Discover more from News Facts Network
Subscribe to get the latest posts sent to your email.
