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Battery-recycling startup Redwood Materials Inc. is accelerating its U.S. investment, saying it plans to build a second factory in South Carolina.
The $3.5 billion plant will recycle spent lithium-ion batteries and manufacture anode and cathode components, Redwood Materials said—two of the most costly parts of the batteries that power electric vehicles. The company decided to build another plant in the South to better position itself to supply a flurry of battery plants going up to take advantage of the Inflation Reduction Act.
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