U.S. Department of Energy provides Redwood Materials with $2 billion in low-interest loans

The U.S. Department of Energy's Loan Program Office announced that it will provide a conditional $2 billion low-interest loan to Redwood Materials' Nevada plant. The plant will use new and recycled raw materials, including lithium, nickel and cobalt, to produce approximately 36,000 tons of ultra-thin battery-grade copper foil per year for use as anode current collectors for batteries, and approximately 100,000 tons of cathode active materials per year.