Redwood gets one billion USD to manufacture made in USA batteries

Battery-recycling expert Redwood Materials raised over one billion USD in a Series D equity round to grow its recycling capacity and to expand its supply chain within the US, which will allow industry members to purchase battery materials made in USA.

ESG Today writes that 2017-founded Redwood collects, recycles and remanufactures battery materials, looking to build a closed-loop domestic supply chain for lithium-ion battery cells. The company is able to recover up to 95% of the materials found within lithium-ion batteries, which can be used by US battery manufacturers to build new cells.

Redwood aims to process enough anode and cathode for one million EVs per year by 2025 and for five million fully-electric vehicles by the next decade.

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Last year we wrote how Redwood started to collaborate with Audi and Volkswagen in order to recycle their EV batteries.

Also last year, Panasonic started working with the US-based battery-recycling company to process used batteries in order to recover things like cathode materials and copper foil. Panasonic was said to use the recovered materials at the company's new plant in Kansas.

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