Ford, Tesla Cofounder's Redwood Materials Form EV Battery Recycling Alliance
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Ford, Tesla Cofounder’s Redwood Materials Form EV Battery Recycling Alliance
Ford and Carson City, Nevada-based Redwood say they’ll work together to expand battery recycling to create a U.S. source of raw materials such as lithium, cobalt and nickel that are mined abroad. The Dearborn, Michigan-based carmaker is also investing $50 million in closely held Redwood, which has now raised about $820 million to expand its recycling activities.
“The partnership between Ford and Redwood Materials is indicative of a broader trend, in which automakers are taking a more active role in development and production of battery cells, and have announced partnerships and joint ventures with battery-makers, such as Tesla/Panasonic, GM/LG Chem and VW/Northvolt,” said Asad Hussain, mobility analyst for PitchBook.
The alliance with Ford is a significant validation of Straubel’s vision for Redwood to become a virtual mining powerhouse, recovering highly valuable and reusable materials from battery scraps and used lithium-ion cells.
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