Redwood Materials Gets $2B Federal Loan

The US Department of Energy program has approved a $2-Billion loan for Redwood Materials to manufacture 1 million EV batteries in a year. J.B. Straubel, co-founder and CEO of the firm, says that it will greatly help the American supply chain operations to amass qualitative resources. In one of their recent videos, Bloomberg Technology’s Caroline Hyde and Ed Ludlow discuss how the large-scale manufacturing of EV batteries will shape the American economy. Straubel mentions that the $2-Billion federal loan is a small step toward fulfilling the market demand and creating a reliable investment infrastructure. Struabel further mentions that this is one of the first federal fundings that Redwood Materials has garnered and aspires to gain similar equity from private investors in the future.

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