Battery recycler Redwood Materials said Wednesday it will spend $3.5 billion on a new battery materials facility in Charleston, South Carolina, as it looks to supply an emerging network of electric vehicle battery plants in the region.
The facility, slated to break ground in Q1 of 2023, will recycle, refine and manufacture anode and cathode components. The plant will eventually generate enough materials to power more than 1 million EVs per year, with room to expand.
