Sept. 14 (Reuters) – Battery recycling startup Redwood Materials said on Tuesday it is looking for a new location to build its battery fabric production plant in North America, with the aim of expanding its base in the region and expanding production.
The new site, which Redwood plans to announce until early next year, will aim to manufacture one hundred gigawatt hours (GWh) according to the year of active cathode tissues (CAM) for one million electric cars (EVs) by 2025, he said.
CAMS are for the production of lithium-ion batteries in electric vehicles.
“By 2030, up to 500 GWh/year of active cathode materials, which would force enough batteries to force five million electric vehicles, or nearly a portion of annual vehicle production in the United States,” Redwood said in a blog post https://statics. teams. cdnArrayoffice. net/evergreen-assets/safelinks/1/atp-safelinks. html.
The announcement comes months after Redwood, co-founded through a former Tesla Inc executive JB Straubel, said it has raised $700 million from an organization of leading fund managers, T. Rowe Price, Baillie Gifford and Fidelity.
Founded in 2017, the Nevada-based company aims to refine critical materials, such as nickel, cobalt and lithium, to decrease the burden and carbon footprint of battery production while reducing the extraction of those raw materials, according to Straubel. (Akanksha Rana reports from Bangalore; editing via Amy Caren Daniel)