Let’s check in on the latest moves in the intensifying corporate and geopolitical competition over EV battery supply chains, Ben writes.
Driving the news: The Energy Department’s loan program announced a conditional $2 billion commitment for Redwood Materials to construct and expand its Nevada operations.
- U.S. officials want to build up domestic sources for key components where China currently dominates production.
Why it matters: DOE says it will be the first domestic plant that will “support production of anode copper foil and cathode active materials in a fully closed-loop lithium-ion battery manufacturing process.”
- Redwood will use both new and recycled materials. Axios‘ Joann Muller has more on yesterday’s announcement.
The intrigue: Elsewhere, Bloomberg reports that General Motors is eyeing fresh moves to strengthen ties to mining companies.
- GM is competing to buy a stake in Brazilian mining giant Vale’s metals unit as GM seeks to lock down more nickel and copper, they report. The two companies announced a nickel supply deal last year.
- Last month GM announced a $650 million equity investment in Lithium Americas, which hopes to develop a major lithium project in Nevada.
Catch up fast: There’s more! Cirba Solutions — a North Carolina-based battery recycling tech and processing company — snagged a $50 million minority investment from Tokyo trading conglomerate Marubeni, Axios‘ Alan Neuhauser reports.
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