Umicore, Johnson Matthey, Veolia and the rest have to be wondering why they didn't set up arms-length American subs to garner some of that sweet, sweet Biden love.
From Reuters via Yahoo Finance, February 9:
- Money will help fund Nevada recycling/remanufacturing plant
- Part of investment "frenzy" spurred by Inflation Reduction Act
Redwood Materials said on Thursday it has received a conditional commitment for a $2 billion loan from the U.S. Energy Department to help build out a $3.5-billion recycling and re-manufacturing complex in Nevada for electric vehicle battery materials.
Redwood Materials expects to draw down the first loan tranche later this year, Chief Executive JB Straubel said in an interview.
The initial loan draw “will help accelerate (production) and compress the time for us to get to full scale” at the northern Nevada complex, which has started to produce copper foil for battery anodes, Straubel said.
Straubel said there has been "a frenzy of activity" among electric vehicle and battery manufacturers since President Joe Biden passed the Inflation Reduction Act (IRA) in August. The IRA rules are designed to shift the U.S. battery supply chain away from China, which currently produces 70% of batteries for electric vehicles....
....MUCH MORE
Folks who have been following the Tesla saga know Mr. Straubel as one of the TSLA co-founders.
Previously on Redwood:
"Battery Recycling Race Heats Up After Inflation Reduction Act"
I always though Umicore and Veolia would lead the way but it seems to be the upstarts that are getting the attention (and money)....
Watch Out Umicore: Ford partners with battery recycling and materials startup Redwood Materials
Straubel was more than just Chief Technical Officer at Tesla. He was part of the company's founding team and more than anyone got the batteries and gigafactory into mass production
