According to Forbes, the Nevada-based company, founded by Tesla cofounder JB Straubel, will work with over 1.000 Audi and VW dealerships in the US to collect and recycle EV batteries.

The recycling company claims that it can recover some 95% of all high-value metals found within lithium batteries, including nickel, cobalt and lithium.

The recovered materials, which can be used for new batteries, will be supplied by Redwood to American battery manufacturers.

As the price of lithium currently sits at 75.000 USD per ton and nickel is at 22.000 USD, recovering every bit of material is essential for cost saving, but also for the planet, as these resources are finite.

Straubel said that "as more and more batteries reach end-of-life each year, an increasing and infinitely recyclable resource becomes available."

Among Redwood's investors are Ford and Amazon, and the battery recycling company managed to raise 800 million USD in the past two years, with its current value going at 3.8 billion.

Earlier this summer, the company announced partnerships with other big carmaker names, including Toyota, Ford and Volvo Cars.