Redwood Materials, founded by former Tesla executive JB Straubel, plans to spend $3.5 billion on a battery-materials factory in northwest Nevada.
Redwood Materials said it will be enhancing manufacturing of anode and cathode components to 100 gigawatt-hours by 2025, enough to supply batteries for 1 million EVs a year, then to 500 GWh by 2030, enough to supply 5 million EVs a year or more.
Redwood Materials, whose partners include automaker Ford Motor and EV battery maker Panasonic, is building a battery ecosystem aimed at lowering EV costs by cutting dependence on imported materials.
The Nevada plant, under construction outside Reno, is expected to be one of the first U.S. facilities to produce key ingredients needed to make batteries that power electric vehicles, Redwood Materials said.
It expects to spend $3.5 billion over 10 years on the plant and offer more than 1,500 full-time jobs in that time.
In May, Straubel said the company aimed to start production of copper foil used for electric-vehicle battery anodes at its Nevada facility by the end of 2022. Straubel also said Panasonic would be the first customer for the anodes.