BERKELEY COUNTY, S.C. — A company that makes parts for batteries for electric vehicles is coming to South Carolina, a move the state says represents the largest economic investment in state history and will create roughly 1,500 jobs.
Representatives from Redwood Materials, flanked by state leaders including South Carolina Gov. Henry McMaster, made the announcement Wednesday morning at the site in Berkeley County where it will be located.
The total investment from the company will be $3.5 billion, the company said. It's expected to generate 1,500 new jobs.
“Redwood Materials’ record-breaking announcement shows that our state’s strategic plan to remain a top destination for automobile manufacturers and their suppliers as the industry innovates is working,” said Gov. Henry McMaster in a statement.
The company said it will produce two critical components for batteries at the plant--the anode and the cathode--which they say will drive down costs and emissions. They said the goal is to build as much of their product from recycled materials as they can.
The site is at the Camp Hall Commerce Park in Ridgeville. The company said when it's up and running produce enough material for one million electric vehicles each year. The company says nearly all of components required for electric vehicle batteries are manufactured overseas. They plan 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.
The Carson City, Nevada based company said the goal is to begin operations next year. Individuals interested in working for Redwood Materials may apply by visiting the Redwood Materials website.
Redwood Materials works with multiple partners that have existing operations across the U.S., such as Volvo, Envision AESC, Proterra, Panasonic, Volkswagen and Audi. The new location is down the road from the Volvo facility in South Carolina.
The move is just the latest major announcement of jobs and investment in South Carolina around electric vehicles. In October, BMW announced it would produce an electric vehicle in the state and create a battery assembly facility nearby that's expected to mean 300 new jobs. And just last week, a Japanese electric battery maker announced it was coming to Florence County, creating 1,100 new jobs.
The state has also announced it's using federal money to create electric charging stations near interstates and on Tuesday unveiled electric charging stations at state parks.