Redwood Materials Inc. announced that Toyota is the latest auto manufacturer to join a comprehensive electric vehicle battery recycling and remanufacturing initiative. Redwood itself is a start-up in the field of electric vehicle batteries based in Nevada, United States.
Redwood Materials with partners in the electric vehicle industry such as Ford Motor Co and EV battery maker Panasonic Holdings Corp, are building a closed-loop battery ecosystem that aims to lower the cost of producing electric vehicles by reducing dependence on imported materials while reducing environmental impact.
The five-year-old company has focused initial work on 175 acres in northern Nevada, and plans to build another complex in the southeastern United States, its chief executive and founder, JB Straubel, said in an interview.
The facility will supply Toyota’s planned $1.3 billion battery plant in North Carolina, as well as Ford’s planned battery plant with SK On in Tennessee and Kentucky. SK On is a subsidiary of SK Innovation Co Ltd South Korea.
Redwood Materials is increasing production of anode and cathode components to 100 gigawatt-hours by 2025, enough to supply batteries for 1 million EVs per year, then to 500 GWh by 2030, enough to supply 5 million EVs per year or more, Straubel said. is a co-founder of Tesla Inc.
