Redwood Materials inks battery recycling deal with Ford

Redwood Materials announced a deal with Ford Motor Company on Wednesday to recycle electric vehicle batteries and create a domestic supply chain for critical battery materials.

Redwood, which is based in Carson City, Nevada, specializes in creating a “closed-loop” system to recycle and re-manufacture batteries. A closed loop allows the bulk of materials from older batteries to be reused, shrinking the environmental footprint for battery production while also lowering costs.

As part of the deal, Ford will be investing $50 million to help Redwood expand its manufacturing footprint. The agreement with Ford was described by Redwood CEO JB Straubel as a “strategic relationship” that will help drive up electric vehicle adoption among consumers. Straubel also co-founded and served as the chief technical officer of Tesla before founding Redwood.

Read the entire article in the Reno-Gazette Journal here.