Redwood Materials Inc., a start-up company based in California, USA has announced that, Toyota has joined the electric vehicle battery recycling and manufacturing initiative of Redwood Materials. The Redwood Components has been developing a closed-loop battery ecosystem along with the goal of decreasing the electric vehicle prices by decreasing the reliance of the company on the imported materials and also decreasing the environmental effects.
JB Straubel, chief executive officer and founder of Redwood Materials said, the company is focused on its initial work on a campus of 175 acre in the northern region of Nevada and is also aiming to create another complex in the south eastern region of the United States.
The proposed 1.3 billion dollar battery plant of Toyota in the region of North Carolina and the planned battery factories of Ford in the region of Tennessee is going to be supplied by the new facility. The company ‘Redwood Materials’ is also is also planning to increase production of the anode and cathode component to 100 gigawatt-hours by the year 2025, which is enough for supplying the batteries for one million electric vehicles per year.
JB Straubel said that, Redwood Materials has been in various discussions with the company, but they have not announced any deals yet. By 2030, the company is also aiming for 500 gigawatt-hours, which is enough for supplying around five million electric vehicles per year.
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