Posted on 02/09/2023 12:14:33 PM PST by ChicagoConservative27
The Biden administration on Thursday announced that it would issue a $2 billion loan to a battery manufacturing facility as it looks to bolster the country’s supply chain for electric vehicles.
“The Department of Energy is proud to announce a conditional commitment for a $2 billion loan to Redwood Materials,” Energy Secretary Jennifer Granholm said on Thursday during a press conference.
“If finalized, this $2 billion loan is going to help Redwood to complete this project to produce critical components for EV batteries.”
She did not elaborate on what the conditions of the commitment are. The Hill has reached out to the Energy Department for clarification.
The loan would go to Redwood Materials for the expansion of a battery materials facility in McCarren, Nevada.
(Excerpt) Read more at thehill.com ...
And somehow, Democrat politicians will be largest stockholders - until just before the always coming collapse.
Brings to mind Solyndra.
The gummit is all about centralized planning. Worked so well for Russia and Eastern Europe so why not bring it here.
Do the same with getting out of the way for oil and natural gas and let the free market do its thing for fueling ICE cars and homes.
Quit trying to force EV's onto people and there's plenty of rare-earths in the U.S. to handle free market demand for EV's. Everybody gets what they want in the free market.
I’ve seen this scam before. Last time it was solar panels
Where is he getting the money?
The gummit is all about centralized planning. Worked so well for Russia and Eastern Europe so why not bring it here.
After all, why not put all the graft in one place ? /s
Doesn’t Congress need to authorize the Executive Branch to make such loans?!?
The company will still be buying the necessary minerals from China
Did Humper negotiate the loan?
Solyndra ...
Subsidies are artificial life support for ideas that should die.
A private corporation (Tesla) has already been on this project for several years now... so why do WE need to pony up $2B? Seems like an excuse to spend money.
This will end up like Solyndra!!!
The taxpayers will be “blown away” yet again.
Is this authorized by statute, or what?
Government using taxpayer money to fund CERTAIN pet corporations...what could go wrong?
90% of rare earth metals necessary for the EV batteries are produced by China.
70% of of cobolt necessary for the EV batteries a is mined by child slave labor in the Congo.
So this $2billion is funding, minus the skimming and ‘managerial’ costs, chinese strip mining and child slave labor.
Let’s not pretend. Enviro destruction enriching commies and modern slavery is the what drives your ‘green’ lifestyles.
More government pick and choose capitalism. What could go wrong?
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