Redwood Materials said on Tuesday it had raised more than $1 billion in new funding as the battery materials firm,
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founded by former Tesla executive JB Straubel,
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seeks to expand its operations in the United States.
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The company in February received a conditional commitment for a $2 billion loan
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from the U.S. Energy Department to build a $3.5-billion recycling
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and re-manufacturing complex in Nevada for electric-vehicle battery materials.
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