Ford Motor Co and startup Redwood Materials said on Wednesday they are partnering to form a “shut loop” or circular source chain for electric auto batteries, from uncooked components to recycling.
The aim is to reduced the price tag of EVs by lessening the dependence on imported products, though also narrowing the environmental influence from mining and refining of battery materials.
Ford and Redwood will get the job done closely with Korean battery maker SK Innovation, which has a joint undertaking with Ford called BlueOvalSK to make EV battery cells in the United States, Ford government Lisa Drake mentioned at a media briefing.
Redwood, which was founded in 2017 by former Tesla Inc executive J.B. Straubel, has been recycling battery scrap and supplies at amenities in Nevada.
In mid-September, the enterprise stated it would expand its company to include refining those people elements into battery factors, which includes cathodes and anodes, with the intention of providing adequate of all those elements to equip a million electric cars following 2025.
In July, Redwood lifted $700 million from traders, together with Amazon.com Inc, Fidelity, T. Rowe Cost and Baillie Gifford. On Wednesday, Straubel mentioned Ford experienced invested $50 million. Redwood at this time is valued at $3.7 billion by investor web site PitchBook.
Redwood has partnerships with battery makers Panasonic in Nevada and Visualize AESC in Tennessee, as nicely as Amazon.
The challenge of battery daily life-cycle management has taken on increasing importance in the designs of each car or truck and battery brands.
Common Motors Co President Mark Reuss, at a conference on Tuesday, mentioned recycling and reuse of EV battery elements is a critical situation for the automobile industry as it ramps up manufacturing of electrical cars.
“You will find a lot of substance in a battery cell that can be reused,” he claimed. “We are expending time on that.”
GM and battery companion LG Energy Resolution in May well declared a partnership with startup Li-Cycle to recycle battery scrap substance from Ultium Cells, the GM-LGES joint enterprise that is creating battery crops in Ohio and Tennessee.
Straubel reported Redwood aims to start recycling some substance from Ford this calendar year, with the objective of giving the 1st anode material in 2023-2024 and the very first cathode product at mid-ten years.