It is aiming to support the production of more than 1 million EVs per year, the DOE said in its post, which could help drivers avoid an estimated 3.5 million tons of CO2 and other tailpipe emissions, annually. Redwood Materials has a pilot line up and running for production of anode copper foil in Nevada already. This same program once helped Tesla get its start - and Tesla repaid their loan early and grew into a juggernaut, in sharp contrast with cleantech companies that fizzled like Solyndra, for example. The DOE says it appropriated $55 billion in new estimated loan authority for its Advanced Technology Vehicles Manufacturing program through the IRA.

The DOE's new loan to Redwood Materials comes in part from that law, which has so far resulted in more than 100,000 new green jobs being announced. Inflation Reduction Act (IRA) in August 2022. With the aim of lowering greenhouse gas emissions over the next decade, President Joe Biden pushed for and signed the $430 billion U.S. By lowering the cost of the critical materials for lithium-ion batteries using recycled materials, electric vehicles can become more accessible to lower income communities.”

“In order to meet the needs of the rapidly growing EV market, the United States will need to expand battery recycling capabilities, as well as grow our domestic capacity for producing battery precursor materials. The Director of the DOE's Loan Programs Office, Jigar Shah, wrote in a post about the new loan commitment: He added, “The US battery demand and EV demand is growing…but we have a long way before that supply chain is predominantly moved to the US.”

“These are very capital-intensive projects, and we're in a competition with Asia to ramp this up and to bring these supply chains and manufacturing operations back to the US,” said Straubel on CNBC's The Exchange on Thursday.

As CNBC previously reported, last year Redwood Materials struck a multi-billion dollar deal with Tesla supplier Panasonic.

Old kensington mouse driver