Redwood Materials plans to build a $1 billion plant to make cathode and anode material for electric car batteries starting in 2025.
Redwood Materials
Redwood Materials, a battery recycler created by Tesla cofounder and former tech chief JB Straubel, intends to move beyond just recovering valuable materials from used lithium-ion cells and electronics and invest more than $1 billion in a U.S. plant that will make materials needed for electric vehicle batteries.
The Carson City, Nevada-based company, which raised $700 million in July to scale up recovery of lithium, cobalt, nickel and other metals, said in a blog post that it plans to use recycled products to manufacture “precision battery materials” it will sell to makers of lithium-ion cells. Redwood will select a site for the battery materials plant in 2022 and have capacity to produce 100-gigawatt-hours of cathode material and enough anode foil for 1 million electric vehicles annually by 2025. The plant…