Ford invests in electric vehicle battery recycling company
PTI, Sep 23, 2021, 12:35 PM IST
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.
Ford already has announced plans to build two North American battery factories with Korean partner SK Innovation starting around 2025. Ford expects 40% of its global sales to be fully electric by 2030.
Both companies plan to collaborate on ways to collect and disassemble used batteries from Ford EVs, as well as ways to recycle and remanufacture them.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Hero MotoCorp looks to scale up EV biz, lines up new models
Royal Enfield forays into electric bike segment; unveils first model under Flying Flea brand
Maruti Suzuki looks to cash in on ‘few lakh marriages’ in Nov to carry festive sales momentum
Auto sales grow in mid-to-high single digits during Navratras, rural sales muted: Report
Car makers witness record sales on Dhanteras; Oct bookings up by 30%
MUST WATCH
Latest Additions
Chikkaballapur: Yoga teacher feigns death by holding her breath, escapes murder bid
SC notice to Centre on plea to include ayurveda, yoga in Ayushman Bharat
BJP wants to snatch ”Jal, Jungle, Jameen” from tribals, alleges Rahul at Jharkhand poll rally
Leopard spotted near M’luru airport, Forest Dept begins search operation
Mangaluru International Airport achieves record passenger & air traffic movement in October 2024
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.