Battery recycling company founded by former Tesla chief technology officer wins $2 billion loan from Energy Dept

Redwood Materials, a Nevada company that recycles batteries for electric vehicles and was founded by Tesla's former chief technology officer, has won a $2 billion green energy loan from the Biden administration.

It secured the conditional loan from the Energy Department's Advanced Technology Vehicles Manufacturing program, which helped Tesla more than a decade ago.

Energy Secretary Jennifer Granholm announced the grant Thursday to dozens of employees at Redwood's facility in Nevada with Gov. Joe Lombardo.