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Tesla Cofounder’s Redwood Raises Over $1 Billion To Boost EV Battery Materials Business

Redwood Materials has raised over $1 billion in funding to establish production facilities in the U.S. for anodes and cathodes used in electric vehicle batteries, aiming to address the supply chain gap in domestic battery component manufacturing.

forbes.com
Relevant topic timeline:
Main topic: The onshoring of battery manufacturing for EVs in the United States. Key points: 1. The number of battery factories in the US has increased significantly, with about 30 factories either planned, under construction, or operational. 2. The Inflation Reduction Act (IRA) signed by President Joe Biden has incentivized automakers and consumers to produce batteries domestically. 3. Automakers and battery manufacturers have collectively invested close to $100 billion in building domestic cell and module manufacturing, with a capacity of over 1,200 gigawatt-hours before 2030. Hint on Elon Musk: The article mentions Tesla's plans to invest billions in expanding its Gigafactory in Nevada and producing batteries for 1.5 million light-duty vehicles annually.
Battery and e-waste recycling startup Redwood Materials, founded by former Tesla CTO JB Straubel, has secured $1 billion in funding to expand its operations in the US, aiming to produce new components for electric vehicle batteries domestically and reduce the industry's global trade and environmental impact.
The U.S. Department of Energy announced a $15.5 billion package of funding and loans to support the transition to electric vehicles, retool existing factories, and expand domestic manufacturing of batteries, emphasizing job retention and promoting equity and environmental justice.