Redwood has raised $ 700 million in race competition to replace battery recycling for electric cars

Created by Tedla’s co-founder and former chief technology officer, JB Strubel, it has raised more than $ 700 million from investors to boost the recovery of redwood, lithium, cobalt, nickel and other metals. Electric vehicles.

The money will be used to triple Redwood’s current operations in Carson City, Nevada, to build more processing facilities on its 100-hectare site, and to employ more than 500 employees, said Strabel, CEO and co-founder. The round was funded by Tight Price, Goldman Sachs, Bailey Gifford, Canada Pension Investment Board and Loyalty. Former investors, including the Capricorn Technology Impact Fund, the Breaker Energy Venture and the Amazon Climate Fund, have also participated.

Redwood has raised at least $ 740 million since 2020. According to one source, the new round will cost $ 3.7 billion.

What we do with these materials and how we promote them in the battery supply chain will really greatly expand our engineering footprint and advances. Forbes. This is a very real cycle for us and it gives us so much way out.

Tesla-led automotive industry is accelerating the sale of electric vehicles around the world, and this is requiring more raw materials to make them. Unfortunately, minerals such as lithium, nickel, cobalt, and other materials can be harmful to the environment, and as EV sales expand, they will result in higher commodity prices. To alleviate that, Stubbel Redwood has set up a “new generation” mining company that will recycle useful materials for recycling of new batteries and put them in waste bins that can do more harm than damage to chemical cells.

(For more on Straubel and Redwood Materials, see “Tesla Tech Wiz is a mineral from your old batteries. ”)

Linn In 2020, Redwood built 10,000 tons of electronic waste from Panasonic and Encense ACC and Amazon batteries. Straudel, the largest e-waste disposal and electric bus developer in North America, has started producing batteries (and solar panels) from ARI.

Being able to reuse as much as we can and minimizing the impact is just as absurd.

JB Strabel, CEO and co-founder of Redwood Products

The company, which uses proprietary processes to separate goods from old batteries and separate them from Panasonic and Envision AESC, will “recycle many gigabytes of materials this year,” Strabel said. Depending on the number of gigabytes per hour, 10 to 20,000 electric vehicles will suffice, as a whole. The goal is to significantly increase the current level of supply to millions of EVs in North America and parts of Europe.

Interestingly, even at the current level, Redwood is already able to recycle metals that can be used at lower prices than conventional mines, Strubel recently said. Forbes. That could be more profitable as the company continues to refine its technology and size.

“As we enter the era of decarbonation, the demand for these materials will increase exponentially,” said Joe Fat, portfolio manager of the T-Row Stock Exchange. We believe Redwood is at the forefront of addressing this critical and critical issue.

Although the production of materials for electric vehicles can have detrimental effects, Travel says it is still committed to converting transportation into batteries.

“It’s better than alternatives and we really don’t have a choice,” he said. Being able to reuse as much as we can and minimizing the impact is just as absurd.

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