Redwood Materials, announced plans to build its materials manufacturing facility in the U.S. as the country looks to expand its domestic supply of batteries and computer chips to reduce dependence on China and other countries.
The battery recycling startup announced plans to build a new site by early next year to produce 100-gigawatt hours of cathode-active material for one million electric vehicles annually by 2025.
Redwood also stated that it will produce anode copper foil and cathode active materials, reusing all the lithium, copper, nickel and cobalt materials it already recovers from old batteries. Redwood also pointed out that the materials will be supplied to battery cell manufacturers.
The latest news comes months after Redwood briefed the public on the $700 million it raised from a group of high-profile fund managers including T. Rowe Price, Baillie Gifford and Fidelity.
For more information, read the original story in Reuters.