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Ford has invested $ 50 million in a Redwood EV battery recycler to form a “circular” supply chain.

Ford MotorCo and startup Redwood Materials said Wednesday that they are partnering to form a “closed loop” or circular supply chain. Electric car From batteries and raw materials to recycling.

The aim is to reduce the cost of EVs by reducing their reliance on imported materials, while at the same time reducing the environmental impact of mining and refining. battery material.

Ford and Redwood will work closely with South Korean battery maker SK Innovation, which has a joint venture with Ford called Blue Oval SK to manufacture EV battery cells in the United States, Ford executive Lisa Drake said in the media. Said in the briefing.

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Redwood founded by Yuan in 2017 Tesla Inc executive JB Straubel recycles battery scrap and materials at a facility in Nevada.

The company will include refining these materials into battery components such as cathodes and anodes in mid-September with the aim of supplying enough components to equip one million electric vehicles after 2025. Announced that it will expand its business.

July, Redwood, Amazon.com Inc, Fidelity, T. Raised $ 700 million from investors such as RowePrice and Baillie Gifford. On Wednesday, Straubelle said Ford had invested $ 50 million. Redwood is currently valued at $ 3.7 billion by the investor website PitchBook.

Redwood has partnered with Panasonic, a battery maker in Nevada. imagine AESC, Tennessee, and Amazon.

Battery lifecycle management issues are becoming increasingly important in both automaker and battery maker planning.

General Motors Co., Ltd. President Mark Royce said at a meeting on Tuesday that recycling and reuse of EV battery materials is an important issue for the automotive industry as it increases the production of electric vehicles.

“Battery cells have a lot of reusable material,” he said. “We are spending time on it.”

GM Battery partner LG Energy Solution announced in May that it would partner with startup Li-Cycle to recycle battery scrap material from Ultium Cells, a GM-LGES joint venture that is building battery plants in Ohio and Tennessee. Did.

According to Straubelle, Redwood will begin recycling some materials from Ford this year with the goal of supplying the first anode material in 2023-2024 and the first cathode material in the middle of 2010. I am aiming for that.

Ford has invested $ 50 million in a Redwood EV battery recycler to form a “circular” supply chain.

Source link Ford has invested $ 50 million in a Redwood EV battery recycler to form a “circular” supply chain.

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