Redwood Supplies, the corporate began by former Tesla co-founder JB Straubel that goals to create a round provide chain for batteries, is increasing its enterprise. Whereas it has been recognized primarily as a recycling agency, Redwood plans to simplify the provision chain by producing vital battery supplies proper right here within the U.S.
To get there, the corporate is at present scouting a location for a brand new million-square-foot manufacturing facility, at a price of over $1 billion, Bloomberg reported. That manufacturing facility could be devoted to the manufacturing of cathodes and anode foils, the 2 important constructing blocks of a lithium-ion battery construction – as much as a projected quantity of 100 gigawatt-hour per yr’s value of supplies, sufficient for a million electrical autos, by 2025.
However that’s not all. By 2030, the corporate expects to extend its annual battery supplies manufacturing to 500 GWh, sufficient to energy 5 million electrical autos.
These numbers are extremely formidable. If Redwood can pull it off, it will be placing itself squarely among the many ranks of the biggest supplies giants on the planet, lots of that are positioned in Asia. BloombergNEF estimated that consolidating the cathode provide chain to america, and utilizing a sure share of recycled supplies, may lower emissions from battery-pack manufacturing by 41%.
Recycling alone gained’t take the corporate to those sorts of manufacturing numbers, although Redwood can also be planning on increasing its recycling operations. As a substitute, the corporate stated in a press release that it will produce the anodes and cathodes from each recycled batteries and “sustainably mined materials.” For now, the corporate is staying mum on its companions for this new endeavor, however it is going to probably imply extra bulletins of partnerships and expansions sooner or later.
That is simply the newest daring transfer from the corporate, which has been making strikes to aggressively increase its footprint for months. Earlier this summer time, Redwood stated it will triple the dimensions of its 150,000-square-foot recycling facility in Carson Metropolis, Nevada, and it additionally bought 100 acres of land close to Tesla and Panasonic’s Gigafactory in Sparks, Nevada. The information additionally comes contemporary off the heels of a $700 million Sequence C funding spherical, from main buyers together with Invoice Gates’ Breakthrough Vitality Ventures, Amazon’s Local weather Pledge Fund, Baillie Gifford and Goldman Sachs Asset Administration. The capital launched Redwood’s valuation to $3.7 billion.
The corporate has recycling offers with Tesla, Amazon, electrical bus maker Proterra, and electrical bike maker Specialised Bicycle Parts. Redwood says it could actually get better between 95-95% of vital supplies from recycled batteries, reminiscent of lithium, copper, nickel and cobalt.