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Yesterday, the Nevada Governor’s Office of Economic Development (GOED) Board of Directors approved Redwood Materials $105,615,082 tax abatement. In exchange, the company will invest $1.1 billion in the first two years of operation to expand its large scale batter materials facility in Storey County and will be required to create 150 jobs in the first two years of operation at an average weighted hourly wage of $32.01. It is expected to grow to 450 jobs in five years.
Redwood Materials is creating a closed-loop domestic supply chain for lithium-ion batteries across collection, refurbishment, recycling, refining, and manufacturing of battery materials. The company recovers more than 95 percent of the metals (including nickel, cobalt, lithium, and copper) from batteries, and uses these to remanufacture anode and cathode components. The company then supplies these components back to the U.S. battery cell manufacturers. By 2025, Redwood Materials expects to produce enough cathode materials and copper foil to support 1 million electric vehicles annually.
JB Straubel, Founder & CEO of Redwood Materials, spent 15 years at Tesla as chief technical officer until moving to an advisory role in July 2019.
The company is estimated to provide $183,341,704 in net new tax revenues to Nevada over 20 years.