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Red states are big winners of Biden’s landmark laws
  + stars: | 2024-02-14 | by ( Matt Egan | ) edition.cnn.com   time to read: +7 min
Fitch defined red states as those that voted for former President Donald Trump in 2020 by more than three percentage points. “The reality is manufacturing was migrating to those states even before the CHIPS Act and the IRA. Relative to the size of their state economies, Arizona, Idaho and West Virginia are the biggest winners from the IRA and CHIPS Act investments, according to Fitch. New York leads blue state winnersNone of this is to say blue states aren’t benefiting from the IRA and the CHIPS Act. Micron cited the tax credits in the CHIPS Act as well as incentives provided by New York state aimed at luring semiconductor companies.
Persons: Joe Biden, Biden, Fitch, Donald Trump, Olu Sonola, Sonola, , ” Natalie Quillian, , , Lauren Boebert, Quillian Organizations: New, New York CNN, Redwood Materials, Redwood, America’s, IRA, Republican, CNN, Fitch, Trump, Micron, White House, White, Lonestar, Samsung, Intel, IBM, Central, , CS, Colorado Republican Locations: New York, South Carolina, Arizona, Georgia, Nevada , North Carolina , Michigan, Pennsylvania, Wisconsin, Idaho, Boise, America, Texas, Taylor , Texas, Austin, Russia, Canada, Arizona , Idaho, West Virginia, Chandler , Arizona, “ Arizona, . New York, Hudson Valley, Central New York, “ New York, Colorado, Pueblo , Colorado
Before the pandemic brought everyday life to a halt, Joe Kiele supported himself through the industry that dominates Nevada’s economy. Four years later, Mr. Kiele, 49, remains in Reno, yet he now spends his workday inside a factory. In place of worrying about the doneness of a customer’s rib-eye, he trains people on the proper handling of industrial chemicals. It extracts critical minerals like nickel, lithium, copper and cobalt, and uses them to manufacture components for electric vehicle batteries. In recent years, they have tried to secure investment from companies engaged in the transition toward green energy.
Persons: Joe Kiele, Kiele, Nevada’s Organizations: Reno ., Redwood Locations: Reno
The agreement will mean Redwood can recycle batteries from millions of old Prius hybrids. Redwood Materials, a battery recycling startup run by Tesla cofounder JB Straubel, unveiled a big new agreement with Toyota. The companies expanded an existing pact so Redwood can recycle batteries from older Toyota vehicles. Redwood Materials wouldn't say how much this Toyota deal is worth. AdvertisementDespite this, Thursday's agreement with Redwood Materials suggests that Toyota is actually pretty committed to EVs.
Persons: , JB Straubel Organizations: Redwood Materials, Toyota, Service, EV, Materials, Redwood, Panasonic Locations: Redwood, North Carolina, California, Nevada
REUTERS/Johanna Geron/File Photo Acquire Licensing RightsNov 16 (Reuters) - Redwood Materials has signed a long-term contract to supply Toyota Motor (7203.T) with recycled materials for the Japanese automaker's $13.9 billion North Carolina electric vehicle battery plant, Redwood said Thursday. The Nevada-based materials specialist said it would remanufacture EV battery components from materials supplied by Toyota and recycled from end-of-life vehicles, mainly hybrid-electric models such as the Prius. Redwood, one of the world's leading battery recyclers, did not disclose details on value or timing of the agreement. Straubel said the company will supply battery components to Toyota from its Sparks, Nevada facility and eventually from a $3.5 billion facility it is building outside Charleston, South Carolina. Redwood also is selling remanufactured battery components to Panasonic, which jointly operates an EV battery plant with Tesla in Nevada.
Persons: Johanna Geron, Redwood, J.B, Tesla, Straubel, they'll, PitchBook, Paul Lienert, David Gregorio Our Organizations: Toyota, REUTERS, Redwood Materials, Carolina, Redwood, of Energy, U.S, Panasonic, Volkswagen, Ford, EV, Thomson Locations: Zaventem, Belgium, Nevada, U.S, Sparks , Nevada, Charleston , South Carolina, Redwood, North America, China, Detroit
A Toyota logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David 'Dee' Delgado/File Photo Acquire Licensing RightsOct 31 (Reuters) - Toyota Motor (7203.T) said on Tuesday it would boost investment by $8 billion and add about 3,000 jobs at its electric-vehicle battery manufacturing plant in North Carolina, accelerating the Japanese automaker's push to electrify its lineup. Toyota's North Carolina facility is set to begin operations in 2025 and will be the company's first automotive battery plant globally. It will have six battery production lines, four supporting hybrid vehicles such as the Prius, and two additional lines to support battery EVs. NORTH CAROLINA HUBNorth Carolina is emerging as a leading hub for electric vehicle and battery manufacturing, with new investments planned by companies ranging from Redwood Materials to Vietnam's Vinfast .
Persons: David, Dee, Delgado, Tesla, North Carolina Governor Roy Cooper, Nathan Gomes, Savio D'Souza, Devika Organizations: New York, REUTERS, Toyota, Ford, General Motors, United Auto Workers union, Tesla, Samsung SDI Co, Panasonic, Chrysler, Stellantis, Materials, North, North Carolina Governor, Thomson Locations: Manhattan , New York City, U.S, North Carolina, Detroit, NORTH CAROLINA, United States, Bengaluru
Climate tech, which encompasses everything from sustainable materials and financing for farmers to e-bikes and carbon accounting software, has not been immune to the tech slow down. But as society increasingly realizes it must race to net zero greenhouse gas emissions, climate tech continues to spark interest from VCs. Insider asked top VCs which climate tech startups were hot this year. Some VCs named several startups. Check out the 53 startups below, in alphabetical order.
Persons: John Kerry Organizations: Energy, Redwood Materials Locations: VCs
Aug 29 (Reuters) - Redwood Materials said on Tuesday it had raised more than $1 billion in new funding as the battery materials firm, founded by former Tesla (TSLA.O) executive JB Straubel, seeks to expand its operations in the United States. The company in February received a conditional commitment for a $2 billion loan from the U.S. Energy Department to build a $3.5-billion recycling and re-manufacturing complex in Nevada for electric-vehicle battery materials. The latest funding round for Redwood, founded in 2017 by Straubel, was co-led by Goldman Sachs Asset Management, Capricorn's Technology Impact Fund and funds advised by T. Rowe Price Associates. "We will use our Series D funding to continue building our capacity, expanding the domestic battery supply chain and allowing our customers to purchase battery materials made in the US," Redwood said. The Carson City, Nevada-based company has a long-term partnership with Panasonic (6752.T), which builds battery cells in Nevada in a joint venture with Tesla, for providing battery materials.
Persons: Tesla, JB Straubel, Straubel, Rowe Price, Redwood, Nathan Gomes, Vinay Dwivedi Organizations: Redwood Materials, U.S . Energy Department, Redwood, Goldman Sachs Asset Management, Technology, Fund, Rowe Price Associates, Panasonic, Tesla, Thomson Locations: United States, Nevada, Carson City , Nevada, Bengaluru
Redwood Materials, the battery and e-waste recycling startup founded by former Tesla CTO JB Straubel, announced Tuesday that it has closed a $1 billion funding round to expand operations in the U.S. The company takes spent electric vehicle batteries, breaks them down, and uses the metals from them —including nickel, copper, cobalt, and lithium — to produce new components that can go into electric vehicle batteries. One of Redwood's major goals is to produce battery components domestically to reduce some of the global trade and geopolitical risks around the electric vehicle industry. As CNBC previously reported, earlier this year Redwood locked in a $2 billion loan commitment from the Department of Energy. For its new growth funding round, Goldman Sachs Asset Management, Capricorn's Technology Impact Fund, and other un-named funds advised by T. Rowe Price Associates led the deal, according to a company statement.
Persons: JB Straubel, Redwood, Straubel, Energy Jennifer M, Granholm, Goldman, Rowe Price Organizations: Materials, U.S, CNBC, Department of Energy, Energy, Energy Information Administration, Argonne National Laboratory, Asset Management, Technology, Fund, Rowe Price Associates, Caterpillar Inc, Innovation Fund Locations: U.S, Carson City , Nevada, Charleston , South Carolina . U.S, Argonne
Redwood Materials, the battery-recycling startup founded by Tesla board member JB Straubel, recently nabbed Tesla's vice president of powertrain engineering, Colin Campbell, to serve as chief technology officer. Based in Carson City, Nevada, Redwood was founded by Straubel in 2017 while he was still serving as Tesla's CTO. Straubel resigned from Tesla in 2019 to focus on Redwood. Another executive at Redwood, operating chief Kevin Kassekert, previously served as vice president of people and places at Tesla. More than 120 people currently work at Straubel's company after previously working for Tesla, according to LinkedIn data.
Persons: JB Straubel, Colin Campbell, Straubel, Campbell, Tesla, Zach Kirkhorn, Vaibhav Taneja, Redwood, Kevin Kassekert Organizations: Materials, Tesla, LinkedIn, Elon, CNBC, Redwood Locations: Carson City , Nevada, Redwood
Nigel Zeid is a former Nissan EV specialist who now educates dealers about electric car sales. This as-told-to essay is based on a transcribed conversation with Nigel Zeid, a 65-year-old former Nissan EV specialist and now an independent EV educator based in Boulder, Colorado. He says car salespeople are not prepared to sell electric vehicles, and that serves as a point of frustration and barrier to adoption for car shoppers. Zeid spends his time speaking with industry stakeholders at major events and talking to dealership salespeople about EVs. If you go into an uneducated dealership, know there's more than one dealership to go to.
Persons: Nigel Zeid, Zeid, Alexa St, I've, Nigel Zeid It's, We've, that's, It's, we'll, weren't Organizations: Nissan, Morning, expos, Costco, Chevrolet Locations: John, Boulder , Colorado, EVs, California, Colorado, Texas, they're
The IRA includes a clause that automatically qualifies EV battery materials recycled in the U.S. as American-made for subsidies, regardless of their origin. That is important because it qualifies automakers using U.S.-recycled battery materials for EV production incentives. China handles virtually all EV battery recycling in a global market projected to grow from $11 billion in 2022 to $18 billion by 2028, according to research firm EMR. The volume of EV batteries available for recycling should grow over tenfold by 2030, said consultant Circular Energy Storage. In Europe, EV batteries are currently shredded into "black mass" that is shipped to China for recycling.
Persons: Marc Trent, Charles Trent, Nick Carey POOLE, Thomas Becker, Louie Diaz, Diaz, JB Straubel, Mike O'Kronley, Christian Marston, deconstruct, Bruno Thompson, Thea Soule, Soule, Kurt Vandeputte, Becker, We've, Nick Carey, Paul Lienert, Ben Klayman, Claudia Parsons Organizations: Charles Trent Ltd, REUTERS, Reuters, BMW, Redwood Materials, European Union, EV, Energy Department, Altilium Metals, recyclers, U.S, CES, Cambridge, Battery Recycling Company, EU, Nissan, Nio, Victoria Waldersee, Thomson Locations: Poole , Britain, England, U.S, North America, China, New York, Nevada, America, Georgia, Kentucky, EVs, Bulgaria, Europe, Poole, Dallas , Texas, Japan, HK, Poole , England, Detroit, Berlin
May 16 (Reuters) - Tesla Inc (TSLA.O) CEO Elon Musk warned on Tuesday that the electric-vehicle maker was not immune to the global economy, which he said will be difficult for the next 12 months. "We'll try out a little advertising and see how it goes," said Musk, who is also CEO of Twitter. Last week he announced that NBCUniversal's former advertising head, Linda Yaccarino, will succeed him as Twitter CEO and that he will focus on products and technology at the company. Tesla logo and Elon Musk silhouette are seen in this illustration taken, December 19, 2022. REUTERS/Dado Ruvic/IllustrationOne shareholder asked about rumors that he would step down as Tesla CEO, adding "Say it ain't so."
May 16 (Reuters) - Tesla Inc (TSLA.O) Chief Executive Elon Musk on Tuesday warned that the electric-vehicle maker was not immune to the global economy, which he said will be difficult for the next 12 months. At the meeting, shareholders voted to appoint the company's co-founder and former chief technology officer, JB Straubel, to the board. They also rejected a proposal to publish a report that sought to establish succession plans for Chief Executive Elon Musk. Tesla shareholders on Tuesday swiftly voted with the board's recommendations on nearly all proposals. In November, Tesla director James Murdoch testified in court that Musk had identified someone as a potential successor.
May 16 (Reuters) - Tesla Inc (TSLA.O) shareholders on Tuesday voted to appoint the company's co-founder and former chief technology officer, JB Straubel, to the board, and rejected a proposal to publish a report that sought to establish succession plans for Chief Executive Elon Musk. Proxy advisory firm Glass Lewis had recommended that shareholders vote against Straubel's appointment, citing worries about his independence. Tesla shareholders on Tuesday swiftly voted with the board's recommendations on nearly all proposals. Shareholders also voted to re-elect Musk and Chair Robyn Denholm as board members. Tesla board members have discussed CFO Zach Kirkhorn as a possible successor as CEO, the Wall Street Journal reported last week, citing a person familiar with the matter.
The billionaire entrepreneur, also the top boss of Twitter, last week announced that NBCUniversal's former advertising head Linda Yaccarino will succeed him as Twitter CEO and that he will focus on products and technology at the social media firm. Here are some topics that may be discussed at the shareholder meeting. Proxy advisory firm Glass Lewis recommended Tesla shareholders vote against Straubel's appointment, citing worries about his independence. DEMANDInvestors hope Musk will talk about demand against the backdrop of a slowing economy and growing competition. He had flagged strong demand for the Cybertruck, but it takes time to get the manufacturing line going for the "very radical product".
watch nowIndeed, the market for recycled solar panel materials is expected to grow exponentially over the next several years. One recipient of this federal funding is First Solar, the largest solar panel manufacturer in the U.S. Massive wind turbines, blades are almost all recyclableRetired wind turbines present another recycling challenge, as well as business opportunities. How the circular renewable energy economy worksPlayers in the circular economy are determined not to let all that waste go to waste. Vestas Wind Systems has committed to producing zero-waste wind turbines by 2040, though it has not yet introduced such a version.
Factbox: Tesla sets stage for annual shareholder meeting
  + stars: | 2023-04-10 | by ( ) www.reuters.com   time to read: +2 min
April 10 (Reuters) - Tesla Inc (TSLA.O) has put up five proposals for vote at its annual shareholder meeting on May 16, including the nomination of co-founder JB Straubel to the electric-vehicle maker's board. Tesla shareholders usually vote largely in line with board recommendations. FREQUENCY OF NON-BINDING VOTE ON EXECUTIVE COMPENSATIONTesla said shareholders will vote on how frequently they would prefer a non-binding, advisory vote on compensation for executive officers. Investors will choose between one, two and three-year intervals for the non-binding vote on executive compensation, the board said, adding that it recommends a three-year interval. The EV maker has urged shareholders to vote against the proposal, saying it "would cause unnecessary competitive harm".
Tesla nominates ex-CTO JB Straubel to board of directors
  + stars: | 2023-04-07 | by ( Lora Kolodny | ) www.cnbc.com   time to read: +3 min
JB Straubel, Tesla Motors' former chief technical officer, speaks during a ribbon cutting for a new Supercharger station outside of the Tesla Factory on August 16, 2013 in Fremont, California. Tesla has nominated JB Straubel, the CEO and founder of e-waste recycler Redwood Materials, to its eight-member board of directors, according to an SEC filing out Thursday. Straubel is deemed a co-founder of Tesla due to his engineering and operations leadership at Tesla from early on. Mizuno was previously the chief investment officer Japan's government pension investment fund and has been a member of the Tesla board since April 2020. Besides Straubel, Tesla is nominating CEO Elon Musk and chair Robyn Denholm to be re-elected to the board of directors again.
Feb 27 (Reuters) - The U.S. Energy Department on Monday said it will lend Li-Cycle Holdings Corp (LICY.N) $375 million as it builds a battery recycling facility in New York set to become one of the country's largest sources of lithium by next year. Senator Chuck Schumer, a New York Democrat who serves as Senate majority leader, had long advocated for Li-Cycle to receive the funding. Li-Cycle's Rochester, New York, processing facility is slated to open later this year at a cost of roughly $485 million. The Rochester facility will break down that black mass into lithium and other metals. The Energy Department in the past month has agreed to lend $2 billion to Li-Cycle peer Redwood Materials and $700 million to ioneer Ltd's (INR.AX) Rhyolite Ridge lithium mining project.
Redwood Materials was founded by former Tesla CTO and cofounder JB Straubel in 2017 during his tenure at Elon Musk's car company. The battery-recycling startup will use the funding to build and expand its battery recycling facility outside of Reno, Nevada. Redwood Materials has attained a $2 billion loan commitment from the Department of Energy, the agency announced on Thursday via its loan programs office. As CNBC previously reported, last year Redwood Materials struck a multi-billion dollar deal with Tesla supplier Panasonic. Redwood Materials has a pilot line up and running for production of anode copper foil in Nevada already.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S.-sourced EV batteries still far away, says Redwood's JB StraubelPhil LeBeau with JB Straubel, Redwood Materials CEO, joins 'The Exchange' to discuss the EV battery sourcing race.
Redwood Materials expects to draw down the first loan tranche later this year, Chief Executive JB Straubel said in an interview. The IRA rules are designed to shift the U.S. battery supply chain away from China, which currently produces 70% of batteries for electric vehicles. EXPANSION PLANSRedwood Materials, founded in 2017 by ex-Tesla executive Straubel, is on a path to become one of the world’s largest recyclers and re-manufacturers of battery materials, including copper, lithium, cobalt and nickel. Redwood Materials said it will supply copper foil from Nevada to Panasonic (6752.T) for battery cells produced at the Nevada Gigafactory that Panasonic jointly operates with Tesla. Redwood Materials has supply agreements with a number of manufacturers, including Ford, Toyota Motor (7203.T) and Volkswagen Group (VOWG_p.DE).
There's also money to be made: The EV battery market could hit $360 billion by 2030, according to McKinsey. At Insider, we've looked at white-hot EV battery technologies that give automakers the EV performance they need at the price their customers want. We've investigated how automakers are securing enough battery supply, especially amid the call for domestic sourcing brought on by requirements in President Joe Biden's climate bill. It just led a $400 million investment into the little-known EV battery startup that could make it work. The soon-to-be $339 billion battery industry is on a hiring tear to power the shift to electric cars.
2023 is set to bring even more momentum to the electric-car industry than 2022 did. Even with challenges — and some executives' losing faith in the EV biz — the industry can't turn back on its ambitions. Robert Knopes/UCG/Universal Images Group via Getty ImagesCharging, charging, chargingHistorically, charging hasn't been a money-making venture. Alexei Andreev, a managing director at AutoTech Ventures, said a shakeout could come in the battery industry, where hundreds of startups are racing to compete with giants. The autonomous-vehicle industry took several hits in 2022, but General Motors is still optimistic about Cruise.
MILAN, Dec 23 (Reuters Breakingviews) - The global trade war will shift from fossil fuels to metals and raw materials. Russia’s invasion of Ukraine highlighted the risk of relying on autocratic states for energy. Europe needs to cumulatively spend $5.3 trillion on clean energy projects by 2050. That requires a sixfold increase in the global production of copper, lithium, graphite, nickel and some rare earths by 2040, International Energy Agency estimates show. It refines 58% of lithium produced globally, 65% of cobalt and over one-third of nickel and copper.
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