Redwood said Toyota has become the latest auto industry giant to join its comprehensive electric vehicle (EV) battery recycling and remanufacturing initiative.
Japan’s Toyota Motor Corp has become the latest auto industry giant to join its comprehensive electric vehicle (EV) battery recycling and remanufacturing initiative, US startup Redwood Materials Inc said on Tuesday.
Redwood Materials, whose partners include automaker Ford Motor Company and EV battery maker Panasonic Holdings Corp., is building a closed-loop battery ecosystem that aims to reduce EV costs by reducing reliance on imported materials while reducing environmental impact. To do.
The five-year-old company has focused initial work on a 175-acre campus in northern Nevada, and plans to build another campus in the southeastern United States, its chief executive and founder JB Straubel said in an interview.
The new facility will be able to supply Toyota’s planned $1.3 billion battery plant in North Carolina as well as Ford’s planned battery plants in Tennessee and Kentucky with SK On, a subsidiary of South Korea’s SK Innovation Co Ltd.
Redwood Materials is ramping up production of anode and cathode components to 100 GW-hours by 2025, enough to supply batteries for 1 million EVs a year, then to 500 GWh by 2030, a year or more. That’s enough to supply a million EVs, said Straubel, co-founder of Tesla Inc.
Tesla Chief Executive Elon Musk has said the EV maker expects to make 20 million EVs a year by 2030, while total global EV production, including Tesla’s, could reach 40 million, industry forecasters said.
Straubel said Redwood Materials is in “various discussions” with Tesla, but has no deal to announce yet. Tesla’s partners also include Panasonic.
Toyota has been manufacturing hybrid electric vehicles under the Prius name for more than two decades. With the average lifespan of a car around 12 years, some early Prius models will reach the end of their useful life.
Once out of service, their nickel metal hydride batteries can be recycled and materials such as nickel and copper can be reintroduced into the battery supply chain, where they can supplement raw materials from mines .
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