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Nevada-based company gains $50 million backing from Ford – Las Vegas, Nevada

Las Vegas, Nevada 2021-09-22 10:59:36 –

Dearborn, Michigan — Ford Motor Co. has invested $ 50 million in an emerging electric vehicle battery recycling company to strengthen its US battery supply chain.

Dearborn, Michigan automakers will invest in Redwood Materials, which is based in Nevada and founded by former Tesla executive JB Straubel.

Ford said in a statement that Redwood could recover 95% of the precious metals in EV batteries such as nickel, cobalt, lithium and copper.

All of these metals can run short as the world moves to electric vehicles.

Ford says locally produced materials can lower battery costs, increase material supplies, and reduce reliance on imported metals.

Ford estimates that by 2030, 40% of global sales will be fully electricity.

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