Redwood said Toyota has become the latest auto industry giant to join its comprehensive electric vehicle (EV) battery recycling and refurbishment initiative.
U.S. start-up Redwood Materials Inc said on Tuesday that Japan’s Toyota Motor Corp has become the latest auto industry giant to join its comprehensive initiative to recycle and refurbish electric vehicle (EV) batteries.
Redwood Materials, whose partners include automaker Ford Motor Co and electric vehicle battery maker Panasonic Holdings Corp, is building a closed-loop battery ecosystem aimed at lowering electric vehicle costs by reducing dependence on imported materials while reducing the environmental impact.
The five-year-old company has focused its initial work on a 175-acre campus in northern Nevada and plans to build another complex in the southeastern United States, its chief executive and founder, JB Straubel, said in a statement. an interview.
The new facility would 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 subsidiary SK On. of the South Korean company SK Innovation Co Ltd.
Redwood Materials increases production of anode and cathode components to 100 gigawatt hours by 2025, enough to supply batteries for 1 million electric vehicles per year, then to 500 GWh by 2030, enough to supply 5 million electric vehicles a year or more, said Straubel, co-founder of Tesla Inc.
Tesla Chief Executive Elon Musk said the electric vehicle maker plans to build up to 20 million electric vehicles a year by 2030, while total global production of electric vehicles, including Tesla, could reach as high as 40 million, industry forecasters said.
Straubel said Redwood Materials is having “various discussions” with Tesla, but has no agreement yet to announce. Tesla’s partners also include Panasonic.
Toyota has been building hybrid electric vehicles under the Prius name for more than two decades. With an average lifespan of around 12 years, some early Prius models will reach the end of their useful life.
Once decommissioned, their nickel-metal hydride batteries can be recycled and materials such as nickel and copper reintroduced into the battery supply chain, where they can supplement mining raw materials.
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