Tesla Co-Founder’s EV Battery Firm Gets $2 Billion Federal Loan

America’s battery supply chain is getting a jump start.

Redwood Materials Inc., created by Tesla co-founder J.B. Straubel, said on Thursday that it received a $2 billion loan commitment from the Biden administration to build enough critical battery components to produce a million electric vehicles a year.

The loan is the fourth commitment in six months from the US Department of Energy’s Advanced Technology Vehicle Manufacturing loan program — the same fund that helped Tesla Inc. develop its flagship Model S electric sedan in 2010. Biden resuscitated the program last July, after a 12-year hiatus, and Democrats nearly quadrupled its lending authority to $55 billion with their signature ...