Connect with us

Hi, what are you looking for?

Stock

Ford, Redwood form ‘circular’ supply chain for EV battery materials

Stock Markets34 minutes ago (Sep 22, 2021 08:56AM ET)

(C) Reuters. FILE PHOTO: Ford Mustang Mach-E GT is seen during the Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. REUTERS/Michaela Rehle/File Photo

By Paul Lienert

(Reuters) – Ford Motor (NYSE:F) Co and startup Redwood (NYSE:RWT) Materials said on Wednesday they are partnering to form a “closed loop” or circular supply chain for electric vehicle batteries, from raw materials to recycling.

The aim is to lower the cost of EVs by reducing the dependence on imported materials, while also narrowing the environmental impact from mining and refining of battery materials.

Ford and Redwood will work closely with Korean battery maker SK Innovation, which has a joint venture with Ford called BlueOvalSK to make EV battery cells in the United States, Ford executive Lisa Drake said at a media briefing.

The issue

Redwood, which was founded in 2017 by former Tesla (NASDAQ:TSLA) Inc executive J.B. Straubel, has been recycling battery scrap and materials at facilities in Nevada.

In mid-September, the company said it would expand its business to include refining those materials into battery components, including cathodes and anodes, with the aim of supplying enough of those components to equip a million electric vehicles after 2025.

In July, Redwood raised $700 million from investors, including Amazon.com Inc (NASDAQ:AMZN), Fidelity, T. Rowe Price and Baillie Gifford. On Wednesday, Straubel said Ford had invested $50 million. Redwood currently is valued at $3.7 billion by investor website PitchBook.

Redwood has partnerships with battery makers Panasonic (OTC:PCRFY) in Nevada and Envision AESC in Tennessee, as well as Amazon.

The issue of battery life-cycle management has taken on increasing importance in the plans of both vehicle and battery manufacturers.

General Motors Co (NYSE:GM) President Mark Reuss, at a conference on Tuesday, said recycling and reuse of EV battery materials is a crucial issue for the auto industry as it ramps up production of electric vehicles.

“There’s a lot of material in a battery cell that can be reused,” he said. “We’re spending time on that.”

GM and battery partner LG Energy Solution in May announced a partnership with startup Li-Cycle to recycle battery scrap material from Ultium Cells, the GM-LGES joint venture that is building battery plants in Ohio and Tennessee.

Straubel said Redwood aims to begin recycling some material from Ford this year, with the goal of supplying the first anode material in 2023-2024 and the first cathode material at mid-decade.

Ford, Redwood form ‘circular’ supply chain for EV battery materials

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Uncategorized

Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt.

Uncategorized

Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione.

Uncategorized

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem eum.

Uncategorized

Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora.

Disclaimer: Buzzclever.com it's managers and its employees (collectively "The Company") do not make any guarantee or warranty about what is advertised or above. Information provided by this website is for research purposes only and should not be considered as personalized financial or health advice. Copyright © 2021 Buzz Clever. All Rights Reserved