The deal comes at a time when Ford is investing heavily in electric vehicles.
see photosRedwood Materials wants to build a sustainable battery supply chain in the US
Former CTO and Tesla co-founder JB Straubel recently announced a $700 million fundraise for his battery recycling startup Redwood Materials, and he has wasted no time closing a major partner in Ford. The two are partnering on battery recycling and supply. This comes after Straubel announced a 100 GWh battery material factory in the US, possibly after the Ford deal was more or less closed. The two companies plan to build closed-loops for battery recycling and to develop a supply chain for battery materials in the US.
“Ford and Redwood’s vision begins with incorporating battery recycling into Ford’s US battery production strategy, integrating recycled battery materials, scraps from battery production and batteries at the end of their useful lives, to reduce costs. in the battery supply chain, environmental footprint. and secure a critical battery material supply that Ford will need to continue its electric vehicle production,” the two said in a joint statement.
The electric pickup truck was also recently endorsed by President Joe Biden.
Ford has also invested $50 million in Redwood Materials, which was also strengthened by Ford CEO Jim Farley.
“Our partnership with Redwood Materials will be critical to our plan to build large-scale electric vehicles in the US, at the lowest possible cost and with a zero-waste approach,” Farley said in the announcement.
Ford and Redwood Materials is exploring ways to incorporate Redwood, which supplies Ford with battery material for its new factory. Ford said in a statement, “As part of this relationship, we are discussing how Redwood can supply Ford’s U.S. battery facilities so that Ford can use a sustainable battery material to fuel the production of electric vehicles.” to ensure a stable, domestic source.”
Straubel working on restarting battery recycling
“Increasing production of batteries and their materials in our country through domestic recycling is a key enabler in improving the environmental footprint of American manufacturing of lithium-ion batteries, reducing costs and, in turn, promoting domestic adoption of electric vehicles. Redwood and Ford share an understanding that in order to make electric vehicles truly sustainable and affordable, we need to localize the existing complex and costly supply chain networks, for end-of-life vehicles. to pave the way, ramp up lithium-ion recycling and increase battery production, all here in the US,” said JB Straubel at the time of the announcement.
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The deal comes at a time when Ford is investing heavily in electric vehicles. It has already launched the Mustang E and the Ford F-150 Lightning will be launched in the US next year. There are even plans to make an electric version of the Bronco, so battery supply will be one of the big challenges for the Detroit-based carmaker. It also hired Doug Field, vice president in charge of the Apple Car project, to a senior position to drive adoption of key technologies, and the deal appears to be part of the same strategy Farley is pursuing.
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