$3.5 billion investment will create 1,500 new jobs
Redwood Materials, a producer of anode and cathode battery components for electric vehicles, along with Governor Henry McMaster, today 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.
"The future of the automotive industry is paving a path through South Carolina, and Redwood Materials establishing operations in our state proves that point. The company’s historic announcement and the 1,500 new jobs it will create mean we are strengthening sustained, long-term economic growth that will benefit South Carolinians for years to come. We applaud Redwood Materials for their commitment to creating a circular economy here and working to shorten the supply chain through recycling efforts.”
-Secretary of Commerce Harry M. Lightsey III
“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.”
-SC Ports President and CEO Barbara Melvin
“Redwood Materials represents a tremendous opportunity for South Carolina to increase our sustainable manufacturing footprint and supply chain security. Redwood Materials fits perfectly with Santee Cooper’s vision in developing Camp Hall, and we are proud to welcome JB Straubel and his team to Berkeley County, South Carolina.”
-Santee Cooper Director Stephen H. Mudge
“This historic investment in Berkeley County will offer unique career opportunities for our citizens and region. Redwood Materials’ investment will also allow for significant investments in road infrastructure, schools, and public safety, improving the overall quality of life for our residents.”
-Berkeley County Supervisor Johnny Cribb
“This record-setting economic development win will have a significant positive return on investment for our community. Congratulations to Redwood Materials, our partners in Berkeley County, and to everyone involved in this impactful economic development deal that will bring not only high-paying jobs to our residents, but innovation opportunities to our region.”
-Charleston Regional Development Alliance Board Chairman and President and CEO of Berkeley Electric Cooperative Mike Fuller
FIVE FAST FACTS
- Redwood Materials is establishing operations in Berkeley County.
- The company’s $3.5 billion investment, which marks the largest economic development announcement in state history, will create 1,500 new jobs.
- Redwood Materials will produce anode and cathode battery components for electric vehicles to drive down costs and emissions while securing the supply chain within the United States.
- Locating at Camp Hall Commerce Park in Ridgeville, S.C.
- Individuals interested in joining the Redwood Materials team should visit the company’s website.