Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

U.S. battery startup Redwood Materials sets deal with Korea's L&F

10/27/2021 | 09:57am EST

Oct 27 (Reuters) - Battery recycling company Redwood Materials said on Wednesday it has forged an alliance with Korean battery materials maker L&F Co that could help transform the Nevada startup into a major battery component manufacturer over the next decade.

Redwood has signed a multi-year deal to use L&F's design and manufacturing technology at a new U.S. facility to make enough battery cathodes to supply up to 1 million electric vehicles a year by 2025, and more than 5 million by 2030, Redwood told Reuters, without elaborating.

The partnership is the latest element in Redwood Chief Executive J.B. Straubel's vision of building a "closed loop" or circular supply chain for EV batteries, from raw materials to recycling.

Redwood currently recycles lithium, cobalt, copper and aluminum from several sources, including the Nevada battery plant that is jointly owned and operated by Panasonic Corp and Tesla Inc. That factory has the capacity to make batteries for about 350,000 electric vehicles a year.

Straubel, a co-founder of Tesla, left the company to start Redwood in 2017. The L&F partnership is the second major alliance he's announced in the past month.

In September, Redwood said it would supply anode and cathode material to Ford Motor Co, which has a U.S. joint venture with Korean battery maker SK Innovation to make EV battery cells.

L&F supplies battery materials to SK as well as to Korea's LG Energy Solution and Samsung SDI.

Its technology will enable Redwood to scale its annual cathode manufacturing capacity in the U.S., from a planned 100 gigawatt-hours in 2025 to 500GWh by 2030.

The deal is exclusive to North America and Europe. Redwood will continue its own cathode R&D.

Redwood, which raised $775 million in July from investors, including Amazon.com Inc, Fidelity, T. Rowe Price and Baillie Gifford, is valued at $3.8 billion by investor website PitchBook. (Reporting by Paul Lienert in Detroit; Editing by David Gregorio and Mike Harrison)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. -1.38% 3389.79 Delayed Quote.4.08%
BAILLIE GIFFORD SHIN NIPPON PLC 1.08% 235 Delayed Quote.-12.92%
L&F CO., LTD. 2.63% 211000 End-of-day quote.195.10%
LG CHEM, LTD. -1.38% 717000 End-of-day quote.-12.99%
PANASONIC CORPORATION 1.25% 1254.5 End-of-day quote.5.38%
SAMSUNG SDI CO., LTD. 1.02% 692000 End-of-day quote.10.19%
SK INNOVATION CO., LTD. 0.25% 204500 End-of-day quote.7.63%
T. ROWE PRICE GROUP, INC. -3.03% 195.6 Delayed Quote.33.25%
TESLA, INC. -6.42% 1014.97 Delayed Quote.53.70%
Latest news "Economy & Forex"
08:57aOPEC will continue with supply adjustments for oil market, chief says
RE
08:32aErdogan says he hopes volatile Turkish lira will steady soon
RE
08:32aUNECA UNITED NATIONS ECONOMIC COMMISSION FOR AFR : Studies on Kenya, Botswana, Zimbabwe highlight the need for urgent reforms in Africa
PU
07:39aTelecom Italia close to choosing advisers for KKR deal - sources
RE
07:11aErdogan says he hopes Turkish lira will steady soon
RE
06:51aPakistan receives $3 billion loan from Saudi Arabia
RE
06:22aFormer Congo president's ally loses chairmanship of state mining company
RE
05:52aECOWAS Commission Organizes Technical Committee Meeting On Ecowas Single Currency Programme
PU
05:52aECOWAS ECONOMIC COMMUNITY OF WEST AFRICAN STATES : Towards reopening all closed land borders in the region
PU
05:47aCVC picks Goldman Sachs for potential stock market listing - The Sunday Times
RE
Latest news "Economy & Forex"