Redwood Materials To Invest $3.5 Billion On Battery Materials Factory via insideevs.com
. While it was clear it would take a long time for the new company to ramp up and begin proving its mission, Straubel shared at the beginning of 2022 that Redwood's battery recycling operations were already profitable.
In a time when a growing number of automakers are moving forward with electric cars, and most others have plans to shift in the future, battery materials are already scarce. This is not to say they're not available, but rather, hard to come by. There simply aren't enough companies mining and refining battery materials to keep up with the growth of the EV segment.
Redwood Materials, which has been around for about five years now, is in the process of ramping up production. The goal is to produceanode and cathode components by 2025, which would be enough to provide batteries for 1 million electric cars per year. The company's larger goal is to get production up to 500 GWh by 2030, taking the number of potential EV battery packs to some 5 million or more annually., the finished facility may be the first of its kind in the US. It will provide battery materials to various automakers. The company is already recycling battery batteries from Audi, Ford, Volkswagen, and Volvo.
Straubel's company is also working in partnership with Ford and Panasonic to build out a closed-loop EV battery ecosystem to help lower costs. The plan will not only reduce electric vehicle makers' dependence on imported materials, but also decrease the environmental impact as a whole.
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