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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