Ford invests in electric vehicle battery recycling company
ABC News
Ford Motor Co. is investing $50 million in an upstart electric vehicle battery recycling company as the automaker moves to bolster its U.S. battery supply chain
DEARBORN, Mich. -- Ford Motor Co. is investing $50 million in an upstart electric vehicle battery recycling company as the automaker moves to shore up its U.S. battery supply chain.
The Dearborn, Michigan, automaker will invest in Redwood Materials, a Nevada-based company founded by former Tesla executive JB Straubel.
Ford says in a statement that Redwood can recover 95% of precious metals in EV batteries such as nickel, cobalt, lithium and copper, all of which could run short as the world shifts from internal combustion to electric vehicles.
The automaker says locally produced anode and cathode materials can drive down battery costs, increase materials supply and cut reliance on imported materials.
