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Released August 31, 2023 | sugar land
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Researched by Industrial Info Resources (Sugar Land, Texas)--Battery recycling and materials firm Redwood Materials Incorporated (Carson City, Nevada) said Tuesday it has raised more than $1 billion in funding to expand its operations in the U.S. Industrial Info is tracking three projects from Redwood Materials worth $5.5 billion, including an electric vehicle (EV) battery recycling and material production campus in South Carolina and an expansion project in Nevada.
The funding is co-led by Goldman Sachs Asset Management, a subsidiary of Goldman Sachs Group Incorporated (NYSE:GS) (New York, New York), Capricorn Investment Group's (Palo Alto, California) Technology Impact Fund, and funds and accounts advised by T. Rowe Price Associates Inc., a unit of T. Rowe Price Group, Inc. (NASDAQ:TROW) (Baltimore, Maryland).
"We will use our Series D funding to continue building our capacity, expanding the domestic battery supply chain and allowing our customers to purchase battery materials made in the U.S. for the first time," the company said in a press release.
Redwood Materials focuses on the production of anodes and cathodes, two main components of lithium-ion batteries, from recycled content. According to a company press release earlier this year, cathodes contain all the critical metals in a battery--lithium, nickel and cobalt-- and "requires a complex manufacturing process and functional specification integral to the performance and safety of an electric vehicle battery," while anodes contain copper and graphite and are "primarily responsible for a battery's charging performance."
The company is building a battery materials campus in Ridgeville, South Carolina, in Berkeley County, where it will recycle, refine and manufacture anode and cathode components on more than 600 acres, creating more than 1,500 jobs. Construction of the grassroot lithium-ion battery recycling plant kicked off in June, with completion expected by the end of the year. The plant will recover cobalt, nickel, copper, aluminum and other metals from lithium-ion batteries using pyrometallurgical and hydrometallurgical processes. Construction of the grassroot cathode materials and copper foil plant is expected to kick off next year. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can read detailed reports on the battery-recycling and materials plants.
Redwood also is planning to expand its lithium-ion battery recycling plant in Carson City, Nevada, which involves constructing an up-to 550,000-square-foot building plus installing new equipment. Once complete, the expanded facility would be able to produce 100 gigawatt-hours (GWh) of battery-grade copper foil and cathode materials per year using new and recycled feedstocks--enough battery materials for more than 1 million EVs per year. Subscribers can learn more from a detailed project report.
The company expects its production of both anode and cathode to scale to 500 GWh per year of materials by 2030, enough to power 5 million EVs.
Redwood's first battery materials campus, located in McCarran, Nevada, began producing anode copper foil earlier this year, and is the recipient of a $2 billion loan commitment from the Department of Energy's (DOE) Loan Programs Office as part of the Advanced Technology Vehicles Manufacturing Loan Program (ATVM). "Redwood will draw upon this milestone-based financing in tranches that support our phased construction and allows us to unlock funding as we accelerate the construction and expansion," the company said in a February press release. Subscribers to the GMI Plant Database can click here to see a related plant profile.
For information on other projects receiving support through the DOE's ATVM program, see Industrial Info's June 26, 2023, article - Ford's EV Battery Joint Venture Receives $9.2 Billion Conditional DOE Loan, and January 18, 2023, article - Rhyolite Ridge Lithium Project in Nevada Receives Conditional DOE Loan.
In late 2022, Redwood announced it entered an agreement with Panasonic Holdings Corporation (Osaka, Japan) to supply recycled cathode active materials to be used in lithium-ion batteries manufactured at Panasonic's new EV battery manufacturing plant in De Soto, Kansas, starting in 2025. The batteries will be used by Tesla Incorporated (NASDAQ:TSLA) (Austin, Texas). Subscribers to the GMI Industrial Manufacturing Project Database can click here for the related project report.
In addition, Redwood's recycled copper foil will be used in lithium-ion batteries manufactured at Tesla's Gigafactory 1 site in Sparks, Nevada, which it jointly operates with Panasonic, starting in 2024.
Subscribers to Industrial Info's GMI project and plant databases can click here for a full list of detailed reports for projects mentioned in this article and here for a full list of related profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
The funding is co-led by Goldman Sachs Asset Management, a subsidiary of Goldman Sachs Group Incorporated (NYSE:GS) (New York, New York), Capricorn Investment Group's (Palo Alto, California) Technology Impact Fund, and funds and accounts advised by T. Rowe Price Associates Inc., a unit of T. Rowe Price Group, Inc. (NASDAQ:TROW) (Baltimore, Maryland).
"We will use our Series D funding to continue building our capacity, expanding the domestic battery supply chain and allowing our customers to purchase battery materials made in the U.S. for the first time," the company said in a press release.
Redwood Materials focuses on the production of anodes and cathodes, two main components of lithium-ion batteries, from recycled content. According to a company press release earlier this year, cathodes contain all the critical metals in a battery--lithium, nickel and cobalt-- and "requires a complex manufacturing process and functional specification integral to the performance and safety of an electric vehicle battery," while anodes contain copper and graphite and are "primarily responsible for a battery's charging performance."
The company is building a battery materials campus in Ridgeville, South Carolina, in Berkeley County, where it will recycle, refine and manufacture anode and cathode components on more than 600 acres, creating more than 1,500 jobs. Construction of the grassroot lithium-ion battery recycling plant kicked off in June, with completion expected by the end of the year. The plant will recover cobalt, nickel, copper, aluminum and other metals from lithium-ion batteries using pyrometallurgical and hydrometallurgical processes. Construction of the grassroot cathode materials and copper foil plant is expected to kick off next year. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can read detailed reports on the battery-recycling and materials plants.
Redwood also is planning to expand its lithium-ion battery recycling plant in Carson City, Nevada, which involves constructing an up-to 550,000-square-foot building plus installing new equipment. Once complete, the expanded facility would be able to produce 100 gigawatt-hours (GWh) of battery-grade copper foil and cathode materials per year using new and recycled feedstocks--enough battery materials for more than 1 million EVs per year. Subscribers can learn more from a detailed project report.
The company expects its production of both anode and cathode to scale to 500 GWh per year of materials by 2030, enough to power 5 million EVs.
Redwood's first battery materials campus, located in McCarran, Nevada, began producing anode copper foil earlier this year, and is the recipient of a $2 billion loan commitment from the Department of Energy's (DOE) Loan Programs Office as part of the Advanced Technology Vehicles Manufacturing Loan Program (ATVM). "Redwood will draw upon this milestone-based financing in tranches that support our phased construction and allows us to unlock funding as we accelerate the construction and expansion," the company said in a February press release. Subscribers to the GMI Plant Database can click here to see a related plant profile.
For information on other projects receiving support through the DOE's ATVM program, see Industrial Info's June 26, 2023, article - Ford's EV Battery Joint Venture Receives $9.2 Billion Conditional DOE Loan, and January 18, 2023, article - Rhyolite Ridge Lithium Project in Nevada Receives Conditional DOE Loan.
In late 2022, Redwood announced it entered an agreement with Panasonic Holdings Corporation (Osaka, Japan) to supply recycled cathode active materials to be used in lithium-ion batteries manufactured at Panasonic's new EV battery manufacturing plant in De Soto, Kansas, starting in 2025. The batteries will be used by Tesla Incorporated (NASDAQ:TSLA) (Austin, Texas). Subscribers to the GMI Industrial Manufacturing Project Database can click here for the related project report.
In addition, Redwood's recycled copper foil will be used in lithium-ion batteries manufactured at Tesla's Gigafactory 1 site in Sparks, Nevada, which it jointly operates with Panasonic, starting in 2024.
Subscribers to Industrial Info's GMI project and plant databases can click here for a full list of detailed reports for projects mentioned in this article and here for a full list of related profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
