Why it matters: It's the latest in a wave of huge investments across America's emerging "battery belt," spurred on by new government policies and tax credits designed to promote development of a domestic EV supply chain.What they're saying: "The federal government has put together a pretty clear set of pretty substantial incentives that guide the direction of this transition, and it's really benefiting the country right now," Redwood Materials CEO JB Straubel, a Tesla co-founder, tells Axios.Between the lines: Redwood's technology fills a particular gap in the battery supply chain — the company recycles and processes expensive anode and cathode materials now made almost exclusively in China.How it works: Redwood recycles, refines and remanufactures battery materials, with the goal of eventually creating a sustainable, closed-loop supply chain.Yes, but: Even with all the recent investments, the U.S. still won't have enough battery capacity to meet expected EV demand by the end of the decade."