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Redwood Materials raises over $1 billion

As the battery materials company, established by former Tesla CEO JB Straubel, aims to increase its operations in the United States, Redwood Materials announced on Tuesday that it has raised more than $1 billion in new capital. The company secured a conditional commitment in February from the US Energy Department for a $2 billion loan to construct a $3.5 billion recycling and remanufacturing plant for electric vehicle battery materials in Nevada.

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