The recovery of lithium of a quality high enough to be used again is complicated and expensive. The recycling of LIBs is a difficult undertaking. In the journal Angewandte Chemie, researchers introduce a novel approach for the recovery of lithium from used LIBs. As the share of volatile renewable energy needing electricity storage increases, more and more LIBs are needed, lithium prices rise, resources dwindle, and the amount of depleted batteries that contain toxic substances increases. He was also elected to Tesla’s Board of Directors in a shareholder’s meeting in May.Lithium-ion batteries (LIBs) provide our portable devices like tablets and mobiles-and increasingly also vehicles-with power. Prior to starting Redwood, Straubel served as the Chief Technical Officer at Tesla and was one of the automaker’s original founders. Additionally, Redwood is looking to build a $3.5 billion facility outside of Charleston, South Carolina, which is expected to use recycled materials to supply anode and cathode materials to the Southeast region of the U.S. Currently, it produces a copper foil that it shares with fellow Tesla partner Panasonic. Redwood Materials has a production facility near Tesla’s Gigafactory Nevada in Sparks, Nevada. “It may not be the sexiest part of the whole (EV) realm to invest in but I think it’s urgent and may become more of a bottleneck. “Business-strategy-wise, there’s a gap and a problem in the supply chain,” Straubel added. supply chain, which Straubel says currently has a major gap. As the EV industry continues to expand, there will be an increasing need for reusing materials and bolstering the U.S. Though, funding also came from new investors, including the Ontario Municipal Employees Retirement System (OMERS) and the Microsoft Climate Innovation Fund. The Series D funding round was co-led in part by the firms Goldman Sachs, Capricorn, and T. Currently, these materials are largely produced in China, South Korea, and Japan. Part of Redwood’s goal as a company is to help bring EV battery production to the U.S., while reusing crucial materials such as lithium, graphite, copper, cobalt, and other mined materials. before the end of this decade,” Straubel said earlier this year in an interview with Forbes. “There’s a lot of capital and a lot of projects announced and under construction in (battery) cell manufacturing-over 800 gigawatt-hours per year in just the U.S. Together, this funding puts the valuation of the battery recycling company above $5 billion. ![]() ![]() The news comes after Redwood raised roughly $2 billion since 2019, and after it became eligible for a $2 billion low-interest federal loan. The company performs large-scale recycling for lithium materials, then turns that material into anode and cathode materials to be reused in EV batteries. ![]() Straubel’s Redwood Materials raised over $1 billion in a recent funding round, as reported this week by Forbes. Now, as the EV industry continues to expand, the recycling company has raised over $1 billion in a new funding round, officially pushing Redwood past a $5 billion valuation. Tesla co-founder and board member JB Straubel started the electric vehicle battery recycling company Redwood Materials in 2017.
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