Toyota Motor, a Japanese manufacturing giant, has joined Redwood Materials'' extensive battery recycling and remanufacturing business on Tuesday.
Redwood Materials, which is engaged with Ford Motor and Panasonic Holdings, is developing a closed-loop battery ecosystem capable of reduce EV costs by reducing dependence on imported materials while also reducing the environmental impact.
In an interview, the five-year-old company focused its initial work on a 175-acre campus in northern Nevada and plans to construct another building in the southeast United States.
Toyota''s $1.3 billion (nearly Rs. 10,000 crore) battery facility in North Carolina would be available, as well as Ford''s battery facilities in Tennessee and Kentucky would be provided with SK On, a subsidiary of South Korea''s SK Innovation.
Redwood Materials is increasing its production of anode and cathode components to 100 gigawatt hour by 2025, enough to supply batteries for 1 million EVs per year, then to 500 GWh by 2030, and enough to supply 5 million EVs per year or more, according to Straubel, a Tesla co-founder.
Elon Musk, the CEO of Tesla, predicts that the electric vehicle manufacturer will produce up to 20 million EVs per year by 2030, while total worldwide EV production, including Tesla, might reach up to 40 million, according to industry forecasters.
Redwood Materials is in a number of discussions with Tesla, but there are no agreements to take place yet, according to Straubel. Tesla''s partners include Panasonic.
Toyota has built hybrid electric vehicles under the Prius name for over two decades. Some early Prius vehicles will be reaching the end of their useful lives with a vehicle with a average lifespan of roughly 12 years.
They can then be recycled and recycled materials such as nickel and copper are reintroduced into the battery supply chain, where they can supplement raw material from mines.
In 2022, Thomson Reuters will reveal its findings.