© Reuters. FILE PHOTO: The Toyota brand is pictured on the forty third Bangkok Worldwide Motor Present, in Bangkok, Thailand, March 22, 2022. REUTERS/Athit Perawongmetha
By Paul Lienert
(Reuters) – U.S. startup Redwood (NYSE:) Supplies Inc on Tuesday stated Japan’s Toyota Motor (NYSE:) Corp has change into the most recent auto trade big to affix its complete electrical car (EV) battery recycling initiative.
Redwood Supplies, whose companions embody automaker Ford Motor (NYSE:) Co and EV battery maker Panasonic (OTC:) Holdings Corp, goals to decrease EV prices by lessening dependence on imported supplies whereas additionally decreasing the environmental influence.
The five-year-old agency has targeted preliminary work at a 175-acre campus in northern Nevada, however plans to construct an excellent bigger complicated in southeastern United States, its chief government and founder, JB Straubel, stated in an interview.
The brand new facility would have the ability to provide Toyota’s deliberate $1.3 billion battery plant in North Carolina, in addition to Ford’s deliberate battery vegetation in Tennessee and Kentucky with SK On, a subsidiary of South Korea’s SK Innovation Co Ltd.
Redwood Supplies is ramping up U.S. manufacturing of anode and cathode parts to 100 gigawatt-hours by 2025, sufficient to produce batteries for 1 million EVs a yr. With its second facility, the manufacturing goal shall be 500 gWh by 2030, sufficient to produce 5 million EVs a yr or extra, stated Straubel, a co-founder of Tesla (NASDAQ:) Inc.
Tesla Chief Govt Elon Musk has stated the EV maker expects to construct as much as 20 million EVs a yr by 2030, whereas whole world EV manufacturing together with Tesla may attain as a lot as 40 million, trade forecasters stated.
Straubel stated Redwood Supplies is having “varied discussions” with Tesla, however has no offers to announce but. Tesla’s companions additionally embody Panasonic.
Toyota has been constructing hybrid electrical autos beneath the Prius identify for greater than 20 years. With a automobile’s common lifespan roughly 12 years, some early Prius fashions shall be reaching the top of their helpful lives.
As soon as out of service, their nickel metallic hydride batteries will be recycled and supplies similar to nickel and reintroduced into the battery provide chain, the place they’ll complement uncooked supplies from mines.