North Carolina Construction News staff writer
Redwood Materials, a producer of anode and cathode battery components for electric vehicles, is investing $3.5 billion investment to build a Battery Materials Campus just outside of Charleston. The development is the largest economic development announcement in the history of South Carolina.
“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,” said Governor Henry McMaster.
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.
“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,” said Redwood Materials Founder and Chief Executive Officer JB Straubel. “We’re ready to support this region and U.S. electrification by driving down battery costs, emissions, and reducing reliance on foreign supply chains.”
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.
Operations will begin in 2023.
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.
“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,” said South Carolina Ports President and CEO Barbara Melvin. “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.”