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The Independent UK
The Independent UK
National
Matthew Daly

Battery recycling firm wins $2B loan from Energy Department

Energy Energy Department Joe Biden Redwood Nevada Tesla Inc. Redwood Materials electric vehicle Supply chain

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, secured a conditional loan from the Energy Department's Advanced Technology Vehicles Manufacturing program, which helped Tesla more than a decade ago.

Energy Secretary Jennifer Granholm was set to tour Redwood’s facility in Nevada with Nevada Gov. Joe Lombardo on Thursday.

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