Home / News / North America / Ford invests $ 50 million in company founded by former Tesla CEO

Ford invests $ 50 million in company founded by former Tesla CEO

North America / Business and Finance

Ford invests in electric vehicle battery recycling company Redwood Materials to reduce import dependency.

Ford invests $ 50 million in company founded by former Tesla CEO

Ford Motor Co. is investing $ 50 million in a newly formed electric vehicle battery recycling company to reduce reliance on third-party battery suppliers in the United States.

In a statement, Ford said the investment will go to Redwood Materials, a Nevada-based company founded by former Tesla chief JB Straubel.

Today, Redwood can recover 95% of the precious metals in electric vehicle batteries such as nickel, cobalt, lithium and copper, all of which could dry up as the world shifts from combustion to electric vehicles.

Ford Motor says locally sourced anode and cathode materials can reduce battery costs, increase material supply and reduce reliance on imported materials.

Ford has already announced plans to build two battery factories in North America with Korean partner SK Innovation starting around 2025.

Ford expects 40% of global auto sales to be fully electric by 2030.

МЕТАЛЛУРГПРОМ
Partner news
Сomments
Add a comment
Сomments (0)
To comment
Войти с ВК Войти с ФБ Войти с Яндекс
Sign in with:
Войти с ВК Войти с ФБ Войти с Яндекс