Redwood Materials Raises $1B To Boost Its US Battery Recycling Efforts
Redwood Resources, the battery recycling startup launched by Tesla co-founder and present-day board member JB Straubel, has lifted extra than $one billion in Sequence D shares from its most current fairness funding spherical.
The spherical was co-led by Goldman Sachs Asset Administration, Capricorn’s Engineering Effects Fund, as nicely as money and accounts encouraged by T. Rowe Price tag Associates. New traders, like OMERS, Caterpillar Undertaking Funds, Microsoft’s Weather Innovation Fund, and Deepwater Asset Administration, also participated in the spherical.
Redwood Resources claimed it will use the money, which are in addition to the approximately $one billion of beforehand lifted fairness funds and a $2 billion loan commitment from the Department of Energy, to continue on creating its potential, increasing the domestic battery source chain, and make it possible for its prospects to obtain battery components – like lithium, nickel and cobalt – created in the US for the 1st time. 
Most battery components are sourced or made in China, which procedures and refines 59 % and 75 % of the world’s lithium and cobalt, respectively. In comparison, the US and Canada mixed approach and refine just three % of the world’s lithium and three.five % of the world’s cobalt, in accordance to information from Benchmark Minerals cited by TechCrunch.
To assist cut down the hole and make a shut-loop source chain in the US, Redwood has two factories less than building in the US. There is a 175-acre recycling facility in Carson City, Nevada, which will create anode copper foil, and a 600-acre facility in Charleston, South Carolina that will make it possible for Redwood to go outside of recycling batteries and refining components into remanufacturing of both equally the cathode and anode copper foil. 
Redwood Resources Battery Resources Campus in Charleston, South Carolina
Presently, the US exports numerous hundred thousand tons of copper a yr to Asia, which is not assisting the ecosystem and qualified prospects to essential copper materials leaving the nation.
The most up-to-date spherical of funds will assist Redwood get its copper foil manufacturing in area by the stop of 2023, with Panasonic established to be its 1st foil purchaser as section of an current partnership – Redwood commenced recycling Panasonic’s production scrap from Tesla’s Giga Nevada plant in 2019.
“We are relentlessly centered on increasing our selection of stop-of-daily life batteries, growing our refining ability to get better greater portions, and harnessing their benefit to make the most sustainable goods. This tactic stands as the cornerstone of our method as we scale our battery product manufacturing potential.”
Excerpt from Redwood Materials’ push launch
The enterprise also claimed the added funds will make it possible for it to continue on to assemble an market-primary staff to be certain “leading-notch execution in sustainable battery components manufacturing.”
Redwood Materials expects to achieve close to 100 gigawatt-hrs once-a-year potential of cathode lively components and anode foil by 2025 – adequate to electrical power one million EVs. By 2030, it hopes to scale manufacturing output to 500 GWh for each yr, which could electrical power five million EVs. 
JB Straubel, founder of Redwood Resources
The post Redwood Materials Raises $1B To Boost Its US Battery Recycling Efforts appeared first on Cars News Magazine.
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