Redwood Materials receives conditional commitment for $2B loan from DOE

Redwood Materials has received conditional commitment for a $2 billion loan 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 supporting its phased construction and allow the company to unlock funding as its accelerate the construction and expansion of its first battery materials campus in Nevada.

Redwood expects the construction to create 3,400 jobs with approximately 1,600 full-time employees .

Read Redwood's announcement here.