Washington, D.C. – Today, U.S. Senator Catherine Cortez Masto (D-Nev.) applauded the Biden Administration and the U.S. Department of Energy (DOE)’s announcement that they have approved a $2 billion conditional loan to help Nevada-based Redwood Materials manufacture and recycle critical components of lithium-ion batteries.. These batteries play a crucial role in the country’s growing clean-energy economy, powering everything from computers to electric vehicles. Cortez Masto has led the calls for robust annual funding to support the DOE’s vehicle offices and loan programs, and voted to pass the Inflation Reduction Act which greatly expanded the DOE’s lending authority. She also led a bipartisan push to ensure this funding benefits Nevada, noting it will create thousands more good-paying jobs in the state.
“Clean energy means jobs, and this new loan will create good-paying job opportunities for thousands of workers across Northern Nevada,” said Senator Cortez Masto. “I will always stand up for businesses like Redwood Materials and make sure they have the resources they need to grow and drive our state’s economy.”
“This is truly a slam dunk for our domestic EV industry, battery supply chain and the clean transportation workers who will be on the front lines of producing battery components for more than 1 million EVs each year,” said U.S. Secretary of Energy Jennifer M. Granholm. “Since President Biden took office, he’s signed into law major clean energy laws that have spurred a whopping 80 announcements of new factories and investments in a domestic battery supply chain, creating a new American battery industry. These battery announcements are happening all across the country. For Nevada particularly, this is the latest in a series of investments from our Loan Program Office to build out a circular economy for batteries by recycling the critical materials in them. This investment also makes us more energy secure by reducing our reliance on foreign nations like China to meet the growing demand for EVs in America.”
“We’re honored to have received this loan from the Department of Energy, which represents a critical milestone in establishing a domestic battery supply chain here in the U.S.,” said JB Straubel, Founder and CEO of Redwood Materials. “These commitments, coupled with the electric vehicle and battery manufacturing investments in the Inflation Reduction Act, have accelerated the clean energy and sustainable transportation future here in America. We are also deeply appreciative of the tremendous leadership of Senator Cortez Masto, who was integral to the development of these policies. Redwood is committed to ensuring we execute on this transition by creating a circular supply chain that drives down battery costs, curbs emissions, and creates thousands of new U.S. jobs. ”
Senators Cortez Masto has consistently worked to create good-paying clean energy jobs across Nevada. Through her Innovation State Initiative, Senator Cortez Masto has been a longtime proponent of renewable and sustainable energy, passing bipartisan legislation to promote Nevada’s mining and emerging battery industries and set up a sustainable critical mineral supply chain. Last year, she helped cut through red tape to ensure Fulcrum BioEnergy’s new Sierra BioFuels Plant in Storey County could launch operations, protecting more than 100 permanent jobs.