All articles tagged with #redwood materials
GM is partnering with Redwood Materials to repurpose used and new EV batteries for stationary energy storage, including a 12 MW microgrid in Nevada that supplies power to a data center, aiming to expand grid-scale storage and reduce waste from EV batteries.
As over 100,000 used EVs are set to retire in the US this year, their batteries, which often still retain over 50% capacity, can be repurposed into stationary energy storage systems to support the grid and reduce environmental impact. Redwood Materials is leading this effort, turning old EV batteries into second-life energy solutions, which are expected to grow significantly alongside the expanding EV market. The industry is poised for rapid growth, with recycling and second-life markets projected to reach billions in the coming decades.
JB Straubel, a Tesla cofounder, has led his battery recycling company, Redwood Materials, to an estimated $200 million in revenue this year. The company, founded in 2017, focuses on extracting raw materials from used batteries to support a sustainable and localized battery supply chain in the U.S. Redwood Materials aims to produce enough battery materials for 1 million electric vehicles annually, addressing the need for sustainable and affordable battery solutions. Despite Tesla's success, EV adoption in the U.S. remains slow compared to other markets like China.
Redwood Materials, a battery and e-waste recycling startup founded by former Tesla CTO JB Straubel, has raised $1 billion in a funding round led by Goldman Sachs Asset Management and other investors to expand its operations in the U.S. The company aims to domestically produce battery components using recycled materials, reducing global trade risks and environmental impact. Redwood plans to build a Battery Materials Campus in South Carolina and has secured a $2 billion loan commitment from the Department of Energy. The investment aligns with the growing demand for electric vehicles, job creation, and the transition to renewable and clean energy.
Many Americans are unaware that throwing electronics in the regular trash is illegal in some states. However, TikToker Love of Earth Co. has shared an easy solution for recycling electronics through Redwood Materials, a partnership between Panasonic and an e-waste recycler. By creating a profile on Redwood Materials' website, users can mail their electronics and accessories for responsible disposal. This process helps keep e-waste out of landfills, protects the environment, and reduces the need for costly mining. Other companies, such as Best Buy, also offer recycling and trade-in options for used electronics.
Tesla co-founder and former CTO, JB Straubel, is returning to the company as a board member. Straubel left Tesla in 2019 to launch Redwood Materials, which is helping create a North American battery supply chain. Tesla shareholders will vote on Straubel joining the board next month during the annual shareholders meeting.