America
The battery recycling startup Redwood is looking for a new location so that it can build its North American battery materials manufacturing facility.
The aim of Redwood is to expand its base in the area and ramp up production. Redwood is planning to announce its new site by early next year. The aim of the company is to manufacture 100 gigawatt-hours per year of cathode active materials (CAM). Here, CAM will be used for one million electric vehicles (EVs) by 2025. These are also needed to produce lithium-ion batteries that will be used in Electric Vehicles.
According to a post published by Redwood, by 2030, 500 GWh/year of cathode active materials will be used to produce batteries which will help to power five million electric vehicles. This announcement was made by the company post the company was able to raise $700 million from a group of high-profile fund managers, which includes T. Rowe Price, Baillie Gifford and Fidelity.
Redwood was co-founded by a former Tesla Inc executive J.B. Straubel. According to Straubel, this Nevada-based firm aims to refine and recover core materials like cobalt, nickel, and lithium, to cut down on the cost and carbon footprint of battery production along with reducing mining of those raw materials.
Source – The Economic Times
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