Toyota (NYSE:TM) and Redwood Materials(Privately held) said today that they will explore a series of “end-of-life battery solutions” for Toyota’s proposed battery network. At first, this collaboration will focus on the collection, testing and recycling of Toyota hybrid electric vehicle batteries. The companies will then look to expand into other areas such as battery health screening and data management, re-manufacturing and battery material supply throughout North America. This follows Redwood agreements on recycling with other companies and US States. (AutoInformed on: Redwood, Ford, Volvo Recycling EV Batteries from California)
Redwood Materials claims it is reducing the environmental footprint and cost of lithium-ion batteries by offering large-scale sources of domestic anode and cathode materials produced from recycled batteries. Redwood receives more than ~6 GWh of end-of-life batteries annually for recycling, which are then refined and re-manufactured into critical battery materials. The company plans to increase production of anode and cathode components in the US to 100 GWh annually by 2025, enough to produce more than one million electric vehicles a year.
“Together, Toyota and Redwood will investigate ways to seamlessly incorporate battery recycling through domestic battery materials manufacturing into Toyota’s battery production strategy, beginning with North America,” Redwood said.
Toyota’s production plans include new and increased automotive battery production in the United States. Recently Toyota announced an investment of $1.29 billion in a new North American battery plant, Toyota Battery Manufacturing, North Carolina (TBMNC). When completed, TBMNC is anticipated to produce battery packs for 1.2 million electrified vehicles per year. Toyota expects to sell eight million electrified vehicles globally by 2030 and invest $70B in their development.
“Redwood and Toyota’s shared vision to drive down the environmental footprint and cost of transportation will continue to accelerate the adoption and access to electric vehicles,” said JB Straubel, Redwood Materials founder and CEO.