Redwood Materials, a producer of anode and cathode battery components for electric vehicles, along with Governor Henry McMaster, announced plans to establish operations in Berkeley County. The company’s $3.5 billion investment, which marks the largest economic development announcement in the history of South Carolina, will create 1,500 new jobs.
“Redwood Materials’ record-breaking announcement shows that our state’s strategic plan to remain a top destination for automobile manufacturers and their suppliers as the industry innovates is working,” said Gov. Henry McMaster. “This $3.5 billion investment, and the 1,500 jobs it will create in Berkeley County, is a transformative accomplishment that can only be attributed to the strong, talented, hardworking South Carolinians who make our state as great as it is.”
Headquartered in Carson City, Nevada, and founded by Tesla’s former Chief Technology Officer and Co-Founder JB Straubel, Redwood Materials will use its South Carolina campus to create a circular supply chain for electric vehicles. To do so, the company will onshore production of the most critical components in batteries – the anode and cathode – to drive down costs and emissions while securing the supply chain within the United States. All battery components will be built from as much recycled material as possible. The more than 600-acre campus, located at Camp Hall Commerce Park in Ridgeville, will initially produce enough anode and cathode material for 100 gigawatt-hours (GWh) of battery cell production or 1 million electric vehicles each year.
“South Carolina’s commitment to creating a secure energy future and a competitive landscape for electric vehicle manufacturing, supported by a world-class workforce, fast and efficient logistics, zero-carbon electricity and a phenomenal site made it a smart decision for Redwood to invest here. Redwood’s South Carolina Battery Materials Campus will recycle, refine and remanufacture anode and cathode components allowing us to support our current and future customers in the heart of America’s battery belt. We’re ready to support this region and U.S. electrification by driving down battery costs, emissions, and reducing reliance on foreign supply chains,” said Redwood Materials Founder and Chief Executive Officer JB Straubel.
Currently, nearly 100% of the components required for electric vehicle batteries are manufactured overseas. Redwood Materials works to recover more than 95% of the critical minerals and rare earth elements from batteries, like nickel, cobalt, lithium, and copper, and then reintroduce those materials into the supply chain through the anode and cathode materials it produces for U.S. battery manufacturers.
Redwood Materials works with multiple partners that have existing operations across the U.S., such as Volvo, Envision AESC, Proterra, Panasonic, Volkswagen and Audi, for reclaiming and recycling end-of-life batteries and production scrap to produce battery components.
Operations will begin in 2023.
Individuals interested in working for Redwood Materials may apply by visiting the company’s website.
After the Joint Bond Review Committee recommended approval, the State Fiscal Accountability Authority authorized the issuance of General Obligation State Economic Development Bonds not exceeding $226 million, and notes in anticipation thereof, to offset the cost of acquiring the site, site improvements, related infrastructure and bond issuance costs.
The Coordinating Council for Economic Development also awarded job development credits related to this project.
SC Ports President and CEO Barbara Melvin stated, “South Carolina Ports is excited to welcome Redwood Materials to South Carolina. SC Ports is a critical supply chain partner for many of South Carolina’s advanced manufacturers, efficiently importing goods for production and exporting finished products to global markets. SC Ports looks forward to supporting Redwood Materials’ new investment that will strengthen our state’s position as a leader in automotive, electrification and sustainability.”
About S.C. Department of Commerce
As South Carolina’s leading economic development agency, the Department of Commerce works to recruit new businesses and help existing business grow. S.C. Commerce has recruited world-class companies to South Carolina such as BMW, Boeing, Continental, Giti Tire, LPL Financial Holdings, Mercedes-Benz Vans, Samsung, Toray and Volvo Cars and also supports startups, small and existing business, innovation and rural development initiatives. S.C. Commerce partners with the S.C. Technical College System via readySC to support workforce training and recruiting, and with the S.C. Department of Employment and Workforce, which provides worker training and employment opportunities within the state. With a strong international footprint, the Palmetto State has consistently been among the top in the nation for attracting jobs through foreign direct investment on a per capita basis – recognized by multiple economic development publications for its pro-business climate. For more information, visit www.SCcommerce.com.
About Redwood Materials
Redwood Materials is creating a circular supply chain to drive down the environmental footprint and cost of lithium-ion batteries and the electric vehicles and sustainable energy storage systems they power. Founded by JB Straubel, Redwood is offering large-scale sources of domestic anode and cathode materials produced from recycled batteries, and manufacturing these critical components at scale in North America for the first time. Redwood receives the majority of end-of-life lithium-ion batteries recycled in North America today and then recycles, refined and remanufactured into critical battery materials. The company plans to ramp production of anode and cathode components in the US to 100 GWh annually by 2025, and 500 GWh annually by 2030, enough to produce more than five million electric vehicles a year. For more information, visit redwoodmaterials.com
Media Contact:
Kelly Coakley
Director of Marketing and Communications
South Carolina Department of Commerce
(803) 737-1998
kcoakley@sccommerce.com
www.SCcommerce.com
